Page 91 - Demo Faces

Nobel Prize–winning economists argue that gross domestic product (GDP) is a narrow measure of human development
and is problematic in a number of ways. GDP masks widening income inequalities, externalizes social and environmental
costs, and only assigns value to transactions with a market price. Measuring development using GDP alone arguably contributes to climate change and exacerbates other critical issues such as the undervaluing of unpaid work.
Develop new conceptual frameworks and carry out urgent research on moving beyond the narrow con nes of GDP, recalibrate measures of development, and engage in transformative out-of-the-box and disruptive thinking.
Develop the concept, through research and analysis, and learn from existing alternatives, such as Bhutan’s gross national happiness measures, as well as innovative concepts and solutions from international movements such as degrowth. https:// degrowth.org/de nition-2/
Find out more: Gross National Happiness: meaning, measure and degrowth in a living development alternative, Journal of Political Ecology: https://journals.uair.arizona.edu/index.php/JPE/ article/view/20885
“There is a critical need for research and knowledge sharing with leading experts and eminent scholars. We need to scale up concepts and learnings from alternative development frameworks as ADB works toward achieving its vision laid out in Strategy 2030, and we need to engage in holistic solutions to avert planetary crisis.”
Ritu Verma
Principal Social Development Specialist, Paci c Department
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Implementation and Internal Processes