Indicators of Economics Progress: The Power of Measurement and Human Welfare

1. Introduction

Right measurement is a powerful instrument for social progress; wrong or imprecise measurement a source of hazard and even havoc. The essential purpose of economic activity is the promotion of human development, welfare and well-being in a sustainable manner, and not growth for growth’s sake, yet we lack effective measures to monitor progress toward these objectives. Read More

Introductory Paper for a Programme on The Wealth of Nations Revisited

1. Introduction
Civilization is an instrument fashioned by human beings to improve the welfare and well-being of our race through a wide range of institutions — political, social, economic, educational, scientific and cultural. When Adam Smith published the Wealth of Nations at the onset of the Industrial Revolution, it appeared as if a solution had finally been found to the age-old problem of scarcity. Read More