article thumbnail

Where Does Your Nation Rank on Wellbeing?

Harvard Business Review

If you are familiar with the Legatum Prosperity Index, you know it is an effort to look beyond GDP. Governance (effective and accountable government, fair elections and political participation, and rule of law). In 2006 when the first Prosperity Index was published, this was a surprising exercise.

article thumbnail

The End of Economists' Imperialism

Harvard Business Review

Bush's Council of Economic Advisers in 2006. Meaning that you can never get truly scientific answers out of GDP or unemployment numbers. As best I can tell, there is no such methodological consensus in sociology, political science, anthropology, or history at the moment. And then, well, things didn't go so well.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Spain Is Now Making Ireland's Mistakes

Harvard Business Review

And yet in the run up to the collapse in 2007, the combined asset footprint of the three main Irish banks was around 400 percent of GDP. In March 2006, Spanish unemployment was 8.1 With youth unemployment at such extreme levels, an IMF program is likely to be both economically wrenching and politically impossible.

article thumbnail

Health Reform Lessons from Mexico

Harvard Business Review

Throughout the world, countries at all levels of economic development and with all types of political systems have embarked in a creative search for the elusive goal of universal coverage. Julio Frenk is Dean of the Harvard School of Public Health and was Minister of Health of Mexico from 2000 to 2006.

article thumbnail

Why Multinationals Are Doubling Down on Russia

Harvard Business Review

But despite perceptions of entrenched corruption, economic turbulence, and political risk, many big firms have invested and maintained a presence in the country. Russia has always been seen as a challenging place to do business, especially among Western multinationals. How to create growth in a stagnating market.

article thumbnail

When Work Is Challenging, Economies Thrive

Harvard Business Review

But Edmund Phelps, the Columbia University economist who won a Nobel in 2006 " for his analysis of intertemporal tradeoffs in macroeconomic policy ," has been doing his best to change that. It''s not as if we''re spending a huge percentage of GDP on it, it''s not that. It''s fair to say that Myrdal''s argument hasn''t really won out.

article thumbnail

What Alan Greenspan Has Learned Since 2008

Harvard Business Review

Not long after Alan Greenspan stepped down as Federal Reserve chairman in 2006, global financial markets began to unravel. It’s true of GDP. One, for example, is to take the voting power away from the [Federal Reserve Bank] presidents, who statistically are demonstrably more hawkish than the politically appointed governors.