In February of 2008, amid the looming global financial crisis, President Nicolas Sarkozy of France asked Nobel Prize-winning economists Joseph Stiglitz and Amartya Sen, along with the distinguished French economist Jean Paul Fitoussi, to establish a commission of leading economists to study whether Gross Domestic Product (GDP)—the most widely used measure of economic activity—is a reliable indicator of economic and social progress. The Commission was given the further task of laying out an agenda for developing better measures.Mismeasuring Our Lives is the result of this major intellectual effort, one with pressing relevance for anyone engaged in assessing how and whether our economy is serving the needs of our society. The authors offer a sweeping assessment of the limits of GDP as a measurement of the well-being of societies—considering, for example, how GDP overlooks economic inequality (with the result that most people can be worse off even though average income is increasing); and does not factor environmental impacts into economic decisions.In place of GDP, Mismeasuring Our Lives introduces a bold new array of concepts, from sustainable measures of economic welfare, to measures of savings and wealth, to a “green GDP.” At a time when policymakers worldwide are grappling with unprecedented global financial and environmental issues, here is an essential guide to measuring the things that matter.

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries.One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries.One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.

Towards a New Paradigm for Monetary Economics presents a pioneer treatment of critical topics in monetary economics. Unlike the prevailing monetary theory, this book focuses not on the role of money in facilitating transactions, but on the role of credit in facilitating economic activities more broadly. The 'new paradigm' emphasizes the demand and supply of loanable funds, which in turn requires the understanding of the imperfections of information and the role of banks. One enlightening view is that credit is quite different from other commodities in the sense that the former is based on information and default risk. The book consists of two parts. The first part develops a basic model of credit based on banks' portfolio choices. The second part is dedicated to the policy implications, among which are the liberalization of financial markets, the East Asian Crisis, the 1991 US recession and the subsequent recovery.

Towards a New Paradigm for Monetary Economics presents a pioneer treatment of critical topics in monetary economics. Unlike the prevailing monetary theory, this book focuses not on the role of money in facilitating transactions, but on the role of credit in facilitating economic activities more broadly. The 'new paradigm' emphasizes the demand and supply of loanable funds, which in turn requires the understanding of the imperfections of information and the role of banks. One enlightening view is that credit is quite different from other commodities in the sense that the former is based on information and default risk. The book consists of two parts. The first part develops a basic model of credit based on banks' portfolio choices. The second part is dedicated to the policy implications, among which are the liberalization of financial markets, the East Asian Crisis, the 1991 US recession and the subsequent recovery.

Nous voulons faire du PIB la mesure de toute chose – performance, bien-être, qualité de la vie –, alors qu’il ne représente qu’une mesure de l’activité économique marchande. Il est possible au contraire de construire des mesures fiables des déterminants matériels du bien-être, de la répartition des revenus, de la qualité de la vie, de la durabilité des évolutions en cours et de bien d’autres aspects de notre économie et de notre société. C’est même l’essentiel si nous voulons que la société se reconnaisse davantage dans l’image que lui renvoie d’elle le miroir des données statistiques et, surtout, si nous voulons prendre des décisions éclairées relatives au futur. Pour affronter l’avenir, il faut, d’abord, mieux déchiffrer le monde qui nous entoure et mieux percevoir comment il change. Il n’est pas d’autre issue que d’améliorer l’Arithmétique des Nations. C’est précisément ce que propose ce livre. Joseph Stiglitz est lauréat du prix Nobel d’économie 2001. Après avoir été économiste en chef et premier vice-président de la Banque mondiale, il est professeur à l’Université Columbia à New York. Amartya Sen est lauréat du prix Nobel d’économie 1998. Il est professeur à l''Université Harvard. Jean-Paul Fitoussi est professeur à l’Institut d’études politiques de Paris. Il est également président de l’Observatoire français des conjonctures économiques.

« Si nous ne voulons pas que notre avenir, celui de nos enfants et des générations futures soit semé de catastrophes financières, économiques, sociales, écologiques et, par conséquent, humaines, nous devons changer nos manières de vivre, de consommer, de produire. Nous devons changer les critères de nos organisations sociales, de nos politiques publiques. Cette révolution ne s’accomplira pleinement que si elle est d’abord une révolution dans les esprits, dans les façons de penser, dans les mentalités dans les valeurs. C’est fort de cette conviction que j’ai demandé en février 2008 à Joseph Stiglitz, Amartya Sen et Jean-Paul Fitoussi de constituer une commission avec les meilleurs experts du monde. Pour remédier à cette situation, il fallait bousculer les habitudes de pensée. Il fallait qu’un débat s’ouvre enfin. Il fallait que ce débat soit porté au plus haut niveau de compétence. » Nicolas SarkozyJoseph Stiglitz est lauréat du prix Nobel d’économie 2001. Après avoir été économiste en chef et premier vice-président de la Banque mondiale, il est professeur à l’Université Columbia à New York. Amartya Sen est lauréat du prix Nobel d’économie 1998. Il est professeur à l''Université Harvard. Jean-Paul Fitoussi est professeur à l’Institut d’études politiques de Paris. Il est également président de l’Observatoire français des conjonctures économiques.

In February of 2008, amid the looming global financial crisis, President Nicolas Sarkozy of France asked Nobel Prize-winning economists Joseph Stiglitz and Amartya Sen, along with the distinguished French economist Jean Paul Fitoussi, to establish a commission of leading economists to study whether Gross Domestic Product (GDP)—the most widely used measure of economic activity—is a reliable indicator of economic and social progress. The Commission was given the further task of laying out an agenda for developing better measures.Mismeasuring Our Lives is the result of this major intellectual effort, one with pressing relevance for anyone engaged in assessing how and whether our economy is serving the needs of our society. The authors offer a sweeping assessment of the limits of GDP as a measurement of the well-being of societies—considering, for example, how GDP overlooks economic inequality (with the result that most people can be worse off even though average income is increasing); and does not factor environmental impacts into economic decisions.In place of GDP, Mismeasuring Our Lives introduces a bold new array of concepts, from sustainable measures of economic welfare, to measures of savings and wealth, to a “green GDP.” At a time when policymakers worldwide are grappling with unprecedented global financial and environmental issues, here is an essential guide to measuring the things that matter.

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries.One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries.One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.

Towards a New Paradigm for Monetary Economics presents a pioneer treatment of critical topics in monetary economics. Unlike the prevailing monetary theory, this book focuses not on the role of money in facilitating transactions, but on the role of credit in facilitating economic activities more broadly. The 'new paradigm' emphasizes the demand and supply of loanable funds, which in turn requires the understanding of the imperfections of information and the role of banks. One enlightening view is that credit is quite different from other commodities in the sense that the former is based on information and default risk. The book consists of two parts. The first part develops a basic model of credit based on banks' portfolio choices. The second part is dedicated to the policy implications, among which are the liberalization of financial markets, the East Asian Crisis, the 1991 US recession and the subsequent recovery.

Towards a New Paradigm for Monetary Economics presents a pioneer treatment of critical topics in monetary economics. Unlike the prevailing monetary theory, this book focuses not on the role of money in facilitating transactions, but on the role of credit in facilitating economic activities more broadly. The 'new paradigm' emphasizes the demand and supply of loanable funds, which in turn requires the understanding of the imperfections of information and the role of banks. One enlightening view is that credit is quite different from other commodities in the sense that the former is based on information and default risk. The book consists of two parts. The first part develops a basic model of credit based on banks' portfolio choices. The second part is dedicated to the policy implications, among which are the liberalization of financial markets, the East Asian Crisis, the 1991 US recession and the subsequent recovery.

Nous voulons faire du PIB la mesure de toute chose – performance, bien-être, qualité de la vie –, alors qu’il ne représente qu’une mesure de l’activité économique marchande. Il est possible au contraire de construire des mesures fiables des déterminants matériels du bien-être, de la répartition des revenus, de la qualité de la vie, de la durabilité des évolutions en cours et de bien d’autres aspects de notre économie et de notre société. C’est même l’essentiel si nous voulons que la société se reconnaisse davantage dans l’image que lui renvoie d’elle le miroir des données statistiques et, surtout, si nous voulons prendre des décisions éclairées relatives au futur. Pour affronter l’avenir, il faut, d’abord, mieux déchiffrer le monde qui nous entoure et mieux percevoir comment il change. Il n’est pas d’autre issue que d’améliorer l’Arithmétique des Nations. C’est précisément ce que propose ce livre. Joseph Stiglitz est lauréat du prix Nobel d’économie 2001. Après avoir été économiste en chef et premier vice-président de la Banque mondiale, il est professeur à l’Université Columbia à New York. Amartya Sen est lauréat du prix Nobel d’économie 1998. Il est professeur à l''Université Harvard. Jean-Paul Fitoussi est professeur à l’Institut d’études politiques de Paris. Il est également président de l’Observatoire français des conjonctures économiques.

« Si nous ne voulons pas que notre avenir, celui de nos enfants et des générations futures soit semé de catastrophes financières, économiques, sociales, écologiques et, par conséquent, humaines, nous devons changer nos manières de vivre, de consommer, de produire. Nous devons changer les critères de nos organisations sociales, de nos politiques publiques. Cette révolution ne s’accomplira pleinement que si elle est d’abord une révolution dans les esprits, dans les façons de penser, dans les mentalités dans les valeurs. C’est fort de cette conviction que j’ai demandé en février 2008 à Joseph Stiglitz, Amartya Sen et Jean-Paul Fitoussi de constituer une commission avec les meilleurs experts du monde. Pour remédier à cette situation, il fallait bousculer les habitudes de pensée. Il fallait qu’un débat s’ouvre enfin. Il fallait que ce débat soit porté au plus haut niveau de compétence. » Nicolas SarkozyJoseph Stiglitz est lauréat du prix Nobel d’économie 2001. Après avoir été économiste en chef et premier vice-président de la Banque mondiale, il est professeur à l’Université Columbia à New York. Amartya Sen est lauréat du prix Nobel d’économie 1998. Il est professeur à l''Université Harvard. Jean-Paul Fitoussi est professeur à l’Institut d’études politiques de Paris. Il est également président de l’Observatoire français des conjonctures économiques.