Measuring Well-Being and Development Metrics

The video explores the concept of GDP, its historical use, and its limitations in measuring well-being. It discusses alternative metrics like Gross National Happiness and the Human Development Index, highlighting Costa Rica's success in sustainable development. The video concludes with a reflection on the importance of a comprehensive approach to measuring a country's well-being.

What is the primary number used by governments to determine the best country to live in?

• Human Development Index

• Gross National Happiness

• Gross Domestic Product

• Sustainable Development Index

Who invented the concept of GDP?

• Milton Friedman

• Adam Smith

• Simon Kuznets

• John Maynard Keynes

What does GDP fail to account for when measuring a country's well-being?

• Geographical size

• Total population

• Types of goods produced

• Number of industries

During which period did GDP growth correlate with wage growth?

• 2000s to 2020s

• 1930s to 1940s

• 1945 to 1970

• 1980s to 2000s

What alternative metric did Bhutan introduce in 1972?

• Human Development Index

• Economic Freedom Index

• Gross National Happiness

• Sustainable Development Index

Which country is closest to meeting basic needs sustainably according to the Sustainable Development Index?

• Japan

• Costa Rica

• United States

• Norway

What does the Human Development Index take into account?

• Cultural diversity

• Geographical size

• Health, education, and income

• Military strength

What is a major limitation of using a single number to measure a country's quality of life?

• It is too complex to calculate

• It does not account for individual priorities

• It changes too frequently

• It is not recognized globally

What approach do experts increasingly favor over single-number metrics?

• A focus on military strength

• A single comprehensive index

• A dashboard approach

• A focus on GDP only

What question might you consider when designing your own well-being metric?

• What is the average temperature?

• How many languages are spoken in your country?

• What do you value most in life?

• What is the GDP of neighboring countries?