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Date: 2019-09-17 Page is: DBtxt001.php L0700-MA-ECONOMIC-ANALYSIS

ECONOMICS
Popular field of study ... but largely outmoded and increasingly wrong for the modern world

WRONG METRICS
ECONOMICS IS FAILING TO DRIVE EFFECTIVE POLICY
Economists identify trends ... but do little to formulate policy options to solve problems
A big part of the problem is that the metrics for economic performance are inadequate
GO TOP
GDP ... GROSS DOMESTIC PRODUCT
A DYSFUNCTIONAL METRIC AND USED EVERYWHERE
Open L0700-MR-GDP

GPI ... GENUINE PROGRESS INDICATOR
FAR BETTER THAN GPD ... BUT NOT WIDELY USED
Open L0700-MR-GPI

WHAT ABOUT QUALITY OF LIFE
LESS ABOUT FINANCIAL WEALTH AND MORE ABOUT RELATIONSHIPS AND HAPPINESS
INEQUALITY
A GROWING ECONOMIC ISSUES SINCE THE 1970s ... COMPLETELY IGNORED BY POLICY MAKERS!
GO TOP
Inequality in the US
For the period from 1980 to 2015, the bottom 50% of the US population has shared less and less of the total GDP while the top 50% has been increasing its share.


IPS-Executive-Excess-2015-Money-To-Burn
A 32 page report of the Institute for Policy Studies (IPS)
Key Findings
Insulated from the real costs of the climate degradation they help create, fossil fuel executives are enjoying stratospheric pay.
Beating the S&P 500 average: CEOs of the 30 largest U.S. publicly held oil, gas, and coal companies averaged $14.7 million in total 2014 compensation, over 9 percent more than the $13.5 million S&P 500 CEO average. The top executives at ExxonMobil and ConocoPhillips each earned more than twice the S&P 500 average.
Five years, $6 billion: The management teams of America’s top 30 fossil fuel giants — the CEO, CFO, and next three highest-paid officers of each company — have together taken home nearly $6 billion over the past five years.
'http://truevaluemetrics.org/DBpdfs/Initiatives/IPS/IPS-Executive-Excess-2015-Money-To-Burn.pdf'
Open PDF ... IPS-Executive-Excess-2015-Money-To-Burn


720 960

623 359

The state of US inequality - 2012
The following graphic is from YES Magazine which adapted it from Hedrick Smith's book 'Who Stole the American Dream?'


Issue
GDP
Basic observation
Gross Domestic Product is a commonly used macro-economic indicator that measures the size of an economy
Prevailing response
It is a useful measure, but not very powerful for the analysis of complex relationships in the economy and the complex interactions that make up both the local situation and the world situation.
A better response
In addition to macro economic measures, there needs to be a lot of management metrics so that the how and why can be answered. GDP is just one measure or hundreds that are possible, and most more specifically useful for analysis.


The text being discussed is available at

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TrueValueMetrics (TVM) is an Open Source / Open Knowledge initiative. It has been funded by family and friends plus donations from well wishers who understand the importance of accountability and getting the management metrics right. TVM is a 'big idea' that has the potential to be a game changer leveling the playing field so the wealth and power is shared on a more reasonable basis between people who work for a living and those that own the economy and the levers of power. In order to be effective, it cannot be funded in the conventional way with a for profit business plan, but absolutely must remain an open access initiative.
WE WANT TO MAINTAIN AN OPEN KNOWLEDGE MODEL
A MODEST DONATION WILL HELP MAKE THAT HAPPEN


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