New Zealand well-being budget isn’t a new idea, India’s been there and done that already

New Zealand announced a “well-being budget” last week and a lot of people around the world are applauding as if it were a new or extraordinary idea. But, it can easily be argued that every Indian budget is a “well-being budget” given the money allocated for welfare and development. One reason New Zealand’s budget caught people’s attention is that it rejects GDP growth as the only indicator and instead adopts a wider set of social indicators. The truth remains that no serious economist or policy analyst will argue that GDP growth is the ultimate objective of policy.

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