As Joseph Stiglitz [former World Bank chief economist] says, "If you measure the wrong thing, you do the wrong thing."

"Material living standards are used to assess how well or badly economies are doing in both the advanced and developing world. Typically measured by GDP per person, or household and individual incomes, these gauges of prosperity dominate national debate about social as well as economic progress. The focus on these measures is unrelenting even though their flaws have long been recognised. GDP takes no account of environmental degradation or the rundown of exhaustible resources and it excludes unpaid services notably in the home but also volunteering. It is boosted after natural disasters and during crime waves as infrastructure is renewed and burglar alarms are installed. Incomes measure only what is earned (or provided through public transfers) in the market economy. "  (Taken from The Economist, May 17th).

"What we measure is what we value most in our hearts"