The two Nobel Prize winners Stiglitz and Sen together with Fitoussi have delivered their "Report by the Commission on the Measurement of Economic Performance and Social Progress" to the French President Sarkozy, 2009 (www.stiglitz-sen-fitoussi.fr)
Professor Joseph E. STIGLITZ, Chair, Columbia University; Professor Amartya SEN, Chair Adviser, Harvard University; Professor Jean-Paul FITOUSSI, Coordinator of the Commission, IEP have developed five principles how to improve our measurment of economoic performance. These principles are:
1: When evaluating material well-being, look at income and consumption rather than production
2: Emphasise the household perspective
3: Consider income and consumption jointly with wealth
4: Give more prominence to the distribution of income, consumption and wealth
5: Broaden income measures to non-market activities
In its 14 composite indices, based on various indicators, social capital is measured across space in the US. But overindebtedness is only covered by the index on credit default.
While this kind of view comes close to our perspectives on the role of money in society as an instrument to improve well-being and facilitate economic exchange instead of a goal of economics we miss an analysis of the direct representation overindebtedness of countries, people and enterprise play in the existing economy. Anyhow a Consumer Perspective and a focus on sociologically accessible real achievements in culture, communication, peace and reproduction also dominates the view on the crisis as led down in our book on the "Geldgesellschaft" developed at iff in 2009 which use money indices still where non-market and market-default phenomena are at stake.
The report of Stiglitz et alt. is annexed.