Earlier this month, Scioto Analysis Principal and Gross National Happiness USA Board Member Rob Moore spoke at the Our Economy: Economic Democracy and System Change conference at the City University of New York’s School of Labor and Urban Studies.
Moore spoke on a study he conducted for Gross National Happiness USA last fall on Ohio’s recovery from the Great Recession. This study used the Genuine Progress Indicator (GPI), an alternative economic indicator, to analyze Ohio’s economic growth.
“Gross domestic product excludes key economic activities, double-counts inputs, and excludes externalities from social accounting,” Moore said. “The Genuine Progress Indicator corrects for some of these issues.”
Overall, the study suggested that growth in inequality had slowed Ohio’s economic growth.
“If inequality had held constant at 2009 levels, GPI growth would have tracked GDP until 2014 and then outpaced GDP growth in 2015 and 2016,” Moore said. “Instead, GPI growth lagged behind GDP growth in most of the years over the study period and GPI even shrank in 2016.”
See the full presentation below.