French president Nicolas Sarkozy asked world leaders to join a revolution in the measurement of economic progress by dropping their obsession with gross domestic product to account for factors such as health-care availability and leisure time.
In a speech on the first anniversary of the collapse of Lehman Brothers,Sarkozy said the financial crisis has shown the need for a better way of calculating a countrys economic health.
His own country,known for its leisurely meals,long vacations and labour protections,could outshine more profit-focused economies if nations act on new recommendations in a report headed by two Nobel economists commissioned 18 months ago.
The report,presented to Sarkozy on Monday,offers a raft of factors that governments should take into account when making policy,such as environmental sustainability. But it doesnt specifically suggest a new statistical index.
Despite the lack of detail on Monday,Sarkozy said the French statistics office to change the way it measures progress. But any worldwide shift would require other nations to get on board,and some economists questioned whether rethinking GDP would work.