AS and A2 Macro: The pursuit of happiness and the Better Life Index

Great chart in the Economist´s Daily Chart today and below looking at the OECDs Better Life Index as an alternative to GDP as an indicator of well being. Exam questions in the macro papers often ask about the limitations of using GDP and ask you to suggest alternative indicators. The Better Life Index only covers the 34 member countries of the OECD, however the index includes 11 topics ranging from work life balance, life satisfaction to home ownership.