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How to Measure Quality of Life?
Economic policy in most countries around the globe is derived by measurements of production, consumption, investment and profit, referred to collectively as Gross Domestic Product (GDP). Economic policy aims to increase GDP and thereby increase our quality of life. However, wouldn't it make more sense to measure quality of life using additional metrics such as health, education, social activities, culture and leisure? One of the main shortcomings of the traditional growth measurement paradigm is that not all economic activity is by necessity good for our quality of life. Examples of this are polluting industries that cause damage to health and the environment, but which are nonetheless taken as indicators for positive economic growth. At the same time, communal activities, such as volunteering, are not perceived as having an economic value and are not taken into account in measurements of growth. These incomplete growth metrics dictate a particular type of economic policy. New metrics and measurement tools are necessary in order to give a more accurate reflection of quality of life and general well-being.

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