The United Nations Secretary-General announced May 8 that Kaushik Basu, the Carl Marks Professor of International Studies in the Department of Economics in the College of Arts and Sciences, and professor in the SC Johnson College of Business, will co-chair an independent “High-Level Expert Group” to develop recommendations for measures that complement or go beyond Gross Domestic Product (GDP).
“To achieve the progress we need, the well-being of people and the planet must be at the center of what we measure and value,” the Secretary-General said. “Measures that complement GDP can enable a paradigm shift in policymaking that refocuses efforts on sustainable development and prosperity for all.”
GDP is heavily relied upon as a gauge of prosperity and is the basis for government targets and rankings, but it provides an incomplete picture of the different dimensions of sustainable development.
“In the world of economics, the GDP race—trying to outdo other nations in terms of GDP—has become the big game, ever since Simon Kuznets developed the concept of GDP in 1934,” Basu said. “However, in today’s conflict-ridden world, with sky-rocketing inequality, and dark clouds of climate disaster, it is not clear if this race is doing more good or harm. I am glad the UN decided to do a stock-taking of this central measure of economic well-being, and I look forward to participating in the exercise.”
The Expert Group will be tasked with elaborating a conceptual framework that identifies key dimensions of progress and developing an initial list of corresponding country-owned, universally applicable indicators of sustainable development to form a dashboard that equips governments with the information they need. In addition, it will provide guidance on the deployment of the dashboard and priorities for data collection and statistical capacity in order to maximize the dashboard’s use.
In addition to Basu, Nora Lustig, Tulane University, will co-chair the group; they will be supported by a technical secretariat composed of staff from the Department of Economic and Social Affairs (DESA), the UN Conference for Trade and Development (UNCTAD), the UN Development Programme (UNDP) and the Executive Office of the Secretary-General (EOSG).
The 14 members of the independent Expert Group represent eminent scholars and experts from various domains, said the UN in a statement, as well as reflecting gender and geographical diversity, and will include Nobel Laureate in Economics Joseph Stiglitz, former Italian Minister of Labour and Social Policies Enrico Giovannini; and Special Adviser to the Indonesian President and formerly Minister of Trade in the Indonesian government, Mari Pangestu.
Basu was chief economist of the World Bank from 2012 to 2016, and chief economic adviser to the Indian Government from 2009 to 2012. He served as president of the International Economic Association from 2017 to 2021 and has published widely in the areas of development economics, game theory, law and economics and industrial organization. His most recent books are “Reason to Be Happy: Why logical thinking is the key to a better life” and “Policymaker's Journal: From New Delhi to Washington D.C.”
Linda B. Glaser is news and media relations manager for the College of Arts and Sciences.
