Economics Is Broken
A former economic adviser to Bill Clinton and Barack Obama argues that the field should be focused on maximizing people’s happiness and fulfillment.
For years, the government of Bhutan has enshrined gross national happiness as its guiding light. Though national leaders had long eschewed traditional economic metrics like gross domestic product in favor of a more subjective understanding of development, in 2008, the country’s constitution formally established that ensuring “a good quality of life for the people of Bhutan” would be its primary aim. GNH would be the measure of the country’s progress, quantified by a complicated index based on “areas of psychological well being, cultural diversity and resilience, education, health, time use, good
