Growth, prosperity, quality of life: Do we need a new prosperity indicator?

In general growth in GDP is the measure of the economic strength and prosperity of a country. Does GDP need to be replaced as a measurement of prosperity or at least supplemented? Rolf Kroker, Cologne Institute of the German Economy, does not agree. GDP is and remains the most important indicator for the analysis of the economic performance and development of prosperity of a national economy. It would certainly make sense to include other indicators into the observation, but it would be wrong to replace GDP with a new welfare indicator. Also Karl-Heinz Paqué, University of Magdeburg, considers GDP a suitable indicator. There are many arguments against a single, comprehensive measurement of prosperity. Not everything is included in GDP but at least we know its limitations. For Stefan Empter, Bertelsmann Foundation, Gütersloh, GDP continues to be the key, internationally comparable assessment basis of material social prosperity. In order, however, to cover the many facets of individual and social quality of life, it is necessary to supplement GDP with additional indicators. Albert Braakmann, Federal Statistical Office, recommends the creation of a measurement of social progress and quality of life based on the official statistics. In academia, on the other hand, it is possible to weigh up different indicators in a quest for the most powerful universal indicator. In the opinion of Daniela Kolbe, Member of Parliament and chair of the Enquete Commission "Growth, Prosperity, Quality of Life - Paths Towards a Sustainable Economic System and Social Progress in the Social Market Economy", GDP does not satisfy more comprehensive goals. Prosperity cannot be measured exclusively in monetary terms. For this reason there is no question that we need a new indicator of progress but not as a complete replacement of GDP.