Unit 3: What makes life worthwhile & GDP Flashcards
How Governments, Individuals, and Businesses Measure Success
Measure tangible stuff in businesses (survival; physiological/safety)
“Manage what you can measure”
Businesses measure success in GDP; Gross Domestic Product
GDP is a misplaced metric
GDP counts from everything to air pollution, to destruction of homes, but it doesn’t count the health of our children, education quality, beauty of poetry, or strength of our marriages
“GDP measure everything in short, except that which makes life worthwhile.”
How Government, Individuals, and Businesses Should Measure Success
Intellectual property, brand culture, brand loyalty
Only 5% of businesses had means to measure the intangibles in a business
Gross National Happiness;
Businesses Should create the conditions for happiness it occur;
The Happiness Emotional Equation, happiness = wanting what you have (gratitude) / having what you want (gratification)
Happiness and wellness should be indicators of success
People should be asked meaningful and important questions not just based on tangible items and items of ownership
64% of GDP is in the service industry and 36% is in the tangible industries
Inspired employees help make sizeable profits
Thesis (point of view):
Success should be measured in its intangible things. Economists measure everything in tangible units of production/consumption. Wellness, happiness, and well-being should be prioritized to measure success rather solely business profits and numbers to measure performance and success.
