New Delhi, July 19 -- I was recently at a conference where an eminent economist said it's time to move beyond gross domestic product (GDP) and use broader measures in our discussions.

His observations were clearly influenced by a recent report of the UN Secretary General's High-Level Group titled, Counting what Counts: A Compass of Progress for People and Planet. His remarks prompted a question.

Economists have debated the limitations of GDP for more than half a century. Yet, despite repeated calls to replace it, GDP remains the single most influential statistic in economic policymaking. Why?

The debate on moving beyond GDP often overlooks an important fact. GDP today is much more than a measure of economic activity or welfare. Over th...