From Economic Output to Human Flourishing: the Capability Approach and Alternatives to GDP
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2024-07-02
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en
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GDP growth remains to be the most dominant goal in public policy in almost every country. This dominance is misplaced considering its various shortcomings as a welfare measure. A possible alternative to GDP is the capability approach. When expanding the central list of capabilities with the capability of ‘environmental impact’, the significant influence the environment can have on capabilities is also accounted for. The imperfection of GDP alternatives such as HDI and GPI highlight that operationalization remains a challenge. However, the more holistic approach to well-being is a significant step forward. Besides its instrumental value in measuring welfare, the procedural characteristics of the capability approach have a significant role to play. By promoting continuous reflection and a participatory democratic process, it can play a role in determining what it actually is we value in measures. Resulting in a new priority setting of welfare measures that better reflects the values of society.
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Faculteit der Filosofie, Theologie en Religiewetenschappen