What is a Reasonable Measure of Progress?
The recent OECD World Conference Measuring and Fostering the Progress of Societies held in Istanbul, Turkey in 2007 ended with a consensus of sorts. This consensus centred on the fact that further work was required to develop a progress measure, a measure which could incorporate social, economic, and environmental aspects. How to evaluate this, whether from a monetary or non-monetary standpoint, seems less certain. The recent proliferation of progress measures adopting different valuation methods seems to confirm this tendency. Yet, even where there seems to be agreement on a broad level (incorporating social, economic, and environmental concerns) there is still uncertainty at the specific level (determining the various and diverse components comprising progress). The main purpose of this current paper is to draw attention to this plight and to suggest what a future progress measure should include. In doing so, this paper will propose an approach revolving around the utilisation of three key constructs: resources, infrastructure, and environment. From this, a number of components will be examined for possible inclusion for a future progress measure.
Keywords: Progress, Valuation, Conceptual
Doctoral Candidate, Applied Economics, Victoria University
Dr. Segu Zuhair
Senior Lecturer, School of Applied Econmics, Victoria University