New measures of progress are needed because the old ones are failing to promote well-being: happiness has not risen for decades in rich countries like America and Germany. Richer people may as a rule be happier than poorer people, but despite generally rising living standards all are trapped on a "hedonic treadmill" as they compare how well-off they are with others who may be faring better. And in any case the quality of personal relationships and of physical and mental health matter more than income.
On this issue there is an ongoing debate on Economist magazine titles as "This house believes that new measures of economic and social progress are needed for the 21st-century economy."
