The measure of progress: counting what really matters

Contributor(s): Professor Diane Coyle | Professor Coyle argues that the way we measure the economy—developed in the 1940s—no longer fits today’s realities. The outdated framework underpinning economic statistics distorts how policymakers understand and respond to the digital economy. Coyle explains why statistics matter deeply, shaping decisions that affect freedom, justice, and everyday life. The metrics of growth were designed for a world of physical capital and demand management, not one driven by digital innovation, slowing living standards, and environmental constraints. She calls for a new framework for economic measurement—one that reflects modern challenges and enables the right kind of growth for the benefit of all.