FOR more than 70 years, economists have been fixated with measuring economic ouput. Their chosen measure, gross domestic product, has limitations—it takes no account of natural-resource depletion and excludes unpaid services such as volunteering. On May 24th the OECD launched its alternative measure of well-being which includes 20 different indicators across 11 sectors in its 34 member countries, from life satisfaction to air pollution.
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