Five Measures of Growth That Are Better Than GDP

Speaking at the World Economic Forum, Stewart Wallis, a self-described advocate of a new economic system, suggested five economic indicators that he says are better than GDP. His five are: Good jobs, Well-being, Environment, Fairness, and Health.

Source: World Economic Forum, April 19, 2016

Explain the factors that the news clip identifies as limiting the usefulness of GDP as a measure of economic welfare.

What are the challenges involved in trying to incorporate measurements of those factors in an effort to better measure economic welfare?

Explain whether the UN Human Development Index captures any of the five indicators.

Explain which of the five indicators are included in GDP and likely to result in a high correlation between GDP and the other indicators of economic welfare.

Please provide detail explanation.