Salem Alansari, FA 2024
In this TED Talk, Michael Green explains that GDP doesn’t show a country’s real well-being. While GDP informs us about how much a country is producing, it does not cover those things which make life good: education, health, and freedom from discrimination. For example, nations like China and India have grown wealthier but still experience human rights and environmental health problems. Green counters that even as economic growth has liberated hundreds of millions of people from the grip of poverty, it won’t be enough to achieve the UN’s Global Goals. We need another measurement of well-being-such as the Social Progress Index-to know how countries are really improving people’s lives.
Green also points to the countries which, though not that rich, are doing way better than expected in social progress. That said, some countries, such as Costa Rica, have been able to prioritize education, health, and the protection of the environment in ways that have enabled it to achieve a high level of well-being on moderate GDP. Similarly, countries like Rwanda and New Zealand demonstrate that, in fact, it is possible to put emphasis on human welfare over mere economic growth. Because these countries are focused on policymaking for their people and ways to improve their lives, they are proof that progress is not solely dependent on wealth, but rather the choices that put people first.
About the “foundations of well-being” Green talks of, I do find his approach practical because it encompasses basic needs and ways of improvement. I would put education and a sustainable environment at the top of the list because they are quite vital for long-term progress. Basic needs such as food and shelter come next, as these ensure security. And last, I would place freedom from discrimination because this ensures that everyone gets an equal opportunity to benefit. Green’s framework gives us a clear order of priorities if we want to reach the Global Goals in such a way that focuses on real lasting change.
Carlotta Pinelli, FA 2024
The video says that, although the GDP is a good economic indicator, it is not enough to measure the real well-being of a society. Why? Because the GDP tends to grow even when people are not really thriving. In addition to that, it is important to consider other factors influencing quality of life, such as basic survival needs—food, water, shelter, safety—aspects that improve life, including education, health, and a healthy environment—and opportunities for self-improvement, or rights and freedom of choice. These factors are measured by an index called the Social Progress Index.
The video further elaborates on some countries that, at low levels of GDP, manage to achieve a high level of social well-being because of strategic investments. For example, Costa Rica decided to eliminate its military and reinvest the resources into health, education, and environmental protection, achieving a quality of life well beyond expectations economically. With relatively modest national income, Rwanda has accomplished a lot by investing in health and education, especially in community development. On the other hand, Ireland shows high GDP with somewhat lower social well-being than predicted, which suggests that high economic growth does not always lead to a high quality of life. These examples show that social well-being also depends on public policies.
Finally, in connection with the aspects of well-being, health, education, social relationships, safety, and a healthy environment are the building blocks mentioned in the video as a means toward a country’s social well-being. I strongly believe that, on top of this list, health should be the foundation for citizens’ physical and mental well-being, followed by safety and a healthy environment for stability and sustainability. Last but not least, education provides me with the power for growth, innovation, and active contribution to society, while social relationships are essential for emotional support and happiness.
Faten Aljohani, FA 2024
In my analysis of Michael Green’s talk, I will start by answering why GDP is not the only measure of wellbeing, then I will move on to give examples of countries that have succeeded in achieving wellbeing despite their GDP (not being high), and lastly, I will give my perspective on the foundations of wellbeing mentioned in the video.
The GDP not the only measure of wellbeing because there are countries like: Cost Rica, Rwanda, and New Zealand achieved high progress in wellbeing although their GPD is not very high. Moreover, there are countries like: Russia, China, and India are underperforming on social progress relative to their wealth. So, from these examples, we can conclude that it is intractable to classify wellbeing’s level of countries just by looking at their GDP. Additionally, we must consider things that are essential for wellbeing like ensuring basic human needs for all regardless their race, gender, age, and political level. As well as ensuring protect foundations of wellbeing for all. Lastly ensure that everyone has a chance to improve their lives, and this is what is known social progress index.
Costa Rica, Rwanda, and New Zealand outperform the amount of social wellbeing predicted by their GDP. According to this video, those countries gave great attention to the main issues that can affect the population’s wellbeing, like education, health, and environmental sustainability. While they have rather modest GDPs, they achieve a very high level of social progress because they focus on previous sectors.
