GPI (Genuine Progress Indicator)

A recent (1990s) indicator developed to correct acknowledged deficiencies in the GDP that don’t account for all costs or benefits of human activities. It is an attempt to provide a more accurate (quality of life) indicator for people than the GDP does for governments and corporations.
For example, natural catastrophes and industrial accidents contribute to growth of the GDP (due to increases in labor and capital expenditure) without accounting for temporary or permanent losses in the environment’s ability to generate acceptable water, air, soil, or produce. Aside from deficiencies in calculating costs or benefits of environmental pollution, there are often social deficiencies (such as costs associated with crime, family breakdown, and social unrest) that have a harmful effect on human “wealth” and “progress” even while they contribute to a rising GDP.
As an example, while the GDP or the USA has risen to almost three times what it was in the 1950s, the calculated GPI is only half of what it was in the 1950s.