May 19, 2012

Better Life Index

GDP is a useful tool for what it measures, as long as you understand that it only measures certain things — and those admittedly critical things don’t necessarily stand in for development and economic progress overall.  There have been numerous attempts over the years to find ways to measure development more comprehensively, most famously the human development index (HDI), which combines per capita GDP with education, life expectancy, literacy.

Now there’s yet another new index, with today’s launch of the OECD Better Life Index.  The index ranks the OECD’s 34 countries by eleven indicators: Housing, Income, Jobs, Community, Education, Environment, Governance, Health, Life Satisfaction, Safety, and Work-Life Balance.

And if you think some of these indicators are more important than others, you can use the interactive site to weight them differently or cut out some altogether and see how the countries rank accordingly.


The changing American labor market

Tonight I was planning on posting the next installment in Alissa’s series on renewable energy projects in Nicaragua.  However, I’m preempting that post to share the news that a Real Time Economics blog post from The Wall Street Journal links to Alissa’s recent, co-authored article in the Monthly Labor Review.  (The article, which is for a specialized audience, describes updates to the U.S. government’s standard occupational classification system; the WSJ blog post linking to it discusses changes in the U.S. Department of Labor’s reporting that reflect new trends, changing technologies, and the impact of the recession.)

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