Gross Domestic Product (GDP)- the sum of goods and services produced by a nation is an insufficient measure of national economic performance, according to a new report from the World Economic Forum (WEF) which is hosting its annual gathering of global elites in Davos.
Decades of prioritizing economic growth over social equity has led to historically high levels of wealth and income inequality the WEF report says.
With these disparities comes unhappiness and distrust of politicians.
Criticism of GDP has been mounting for years with economists recommending that it be demoted to a measure of progress or replace it with dashboard indicators that better represent living standards.
Several ideas for better measures have been proposed, inspired by the work of a commission set up in 2008 by former French president Nicolas Sarkozy, which asked economists including Nobel Laureates Joseph Stiglitz and Amartya Sen to come up with alternatives to GDP.