Measuring Victoria

Efforts to integrate measures of well-being and sustainability have long existed within the literature. A recent approach is the Genuine Progress Indicator (GPI). The GPI is a monetary-based index that has been designed to ascertain the impact of a growing economy on sustainable well-being. The GPI is comprised of a large number of individual items that account for these wide-ranging impacts of economic growth, including social and environmental benefits and costs as well as those of the standard economic variety. Within this paper, the methodology of the GPI is presented. The impact of economic growth on sustainable well-being is also briefly reviewed for Victoria. This analysis is conducted by estimating a GPI for Victoria over the period 1986-2003.