MIS-Measuring Our Lives, the collaborative effort of three leading economists, is a detailed study of the GDP (Gross Domestic Product) to test its reliability as a measure of social and economic progress across the world. The study was commissioned by Nicholas Sarkozy during his tenure as the President of France. The authors’ analysis reveals the loopholes in the concept of GDP, which fails to take into account economic inequalities and environmental factors while evaluating the well-being of global societies. The authors offer sustainable solutions to improve economic conditions and move towards more realistic GDP evaluations. In times of global recession, accompanied by pressing environmental problems, their study provides a definite direction to help decision-makers effectively fulfil the economic and social requirements of society.
Joseph E. Stiglitz is an American economist, known for his critical perspective on the management of international institutions like the World Bank, and the International Monetary Fund. He is currently a professor of Economics at Columbia University. He won the 2001 Nobel Memorial Prize In Economic Sciences. Amartya Sen is an Indian economist who helped create the United Nations Human Development Index. His contributions to social choice theory and welfare economics won him the 1998 Nobel Memorial Prize in Economic Sciences. Jean-Paul Fitoussi is a French economist. His areas of interest include the role of macroeconomic policy, unemployment, and inflation.
