What Will it Take to Move Beyond GDP?
5 February 2018 • 12:30PM EDT
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What is the best way to assess a nation’s prosperity over time? The most commonly used measure is Gross Domestic Product (GDP), but many experts say this indicator is too limited and point to a more comprehensive approach that includes “wealth accounting.” This involves adding up assets such as infrastructure, forests, minerals, and human capital—much like a company evaluates both its income statement (flows) and balance sheet (stocks) to determine performance. The World Bank, a leader in this field, is publishing a new book, The Changing Wealth of Nations 2018, which tracks the wealth of 141 countries.
On February 5, the Global Economy and Development program at Brookings and the World Bank co-hosted a panel of experts in this area, including Kristalina Georgieva, CEO of the World Bank. David Pilling, Financial Times Africa editor and author of a new book, The Growth Delusion: The Wealth and Well-being of Nations, will moderate. Prior to the panel, World Bank authors presented the results of their latest research on wealth accounting.
NRGI president and CEO Daniel Kaufmann participated in a panel discussion that closed the session alongside Georgieva. Harvard University professor Dale Jorgenson and World Resources Institute president and CEO Andrew Steer.
Following the conversation, panelists answered audience questions.
Agenda
Introduction
Moderator
Panelists
What is the best way to assess a nation’s prosperity over time? The most commonly used measure is Gross Domestic Product (GDP), but many experts say this indicator is too limited and point to a more comprehensive approach that includes “wealth accounting.” This involves adding up assets such as infrastructure, forests, minerals, and human capital—much like a company evaluates both its income statement (flows) and balance sheet (stocks) to determine performance. The World Bank, a leader in this field, is publishing a new book, The Changing Wealth of Nations 2018, which tracks the wealth of 141 countries.
On February 5, the Global Economy and Development program at Brookings and the World Bank co-hosted a panel of experts in this area, including Kristalina Georgieva, CEO of the World Bank. David Pilling, Financial Times Africa editor and author of a new book, The Growth Delusion: The Wealth and Well-being of Nations, will moderate. Prior to the panel, World Bank authors presented the results of their latest research on wealth accounting.
NRGI president and CEO Daniel Kaufmann participated in a panel discussion that closed the session alongside Georgieva. Harvard University professor Dale Jorgenson and World Resources Institute president and CEO Andrew Steer.
Following the conversation, panelists answered audience questions.
Agenda
Introduction
- Homi Karas, interim vice president and director, Global Economy and Development, Brookings Institution
Moderator
- David Pilling (@davidpilling), Africa editor, Financial Times
- Glenn-Marie Lange, senior environmental economist, Environment and Natural Resources Global Practice, The World Bank
- Quentin Wodon, lead economist, Education Global Practice, The World Bank
Panelists
- Kristalina Georgieva, CEO, The World Bank
- Dale Jorgenson, Samuel W. Morris University professor, Harvard University
- Daniel Kaufmann (@kaufpost), president and CEO, the Natural Resource Governance Institute
- Andrew Steer (@AndrewSteerWRI), president and CEO, World Resources Institute