As he appeals to the British public to vote him in as prime minister, the leader of the opposition proposes collecting new data to provide a better picture of how the country is doing. “Wellbeing can’t be measured by money or traded in markets,” he says. He adds, “We measure all kinds of things but the only thing we don’t measure is the thing that matters most.”
All of the preceding paragraph is true, except for one detail: the first quotation is from David Cameron, then leader of the opposition, in 2006. The second is from Ed Miliband, the current leader of the opposition, a couple of weeks ago. Both men are united, it seems, by a feeling that the most familiar economic measuring stick, GDP (Gross Domestic Product), just isn’t up to the job. Cameron wanted to gather data on wellbeing or happiness; Miliband wants a “cost of living” index. Few reasonable people can object to gathering timely and authoritative economic and social statistics, yet Miliband and Cameron have managed the impressive feat of being cynical and naive at the same time.
The cynical motives in both cases are plain enough — as were, for example, Nicolas Sarkozy’s when, as French president, he commissioned some alternative economic measures that just happened to be more flattering to France. As the leader of a party with a reputation for liking free markets and low taxes, Cameron wanted to soften his image and suggest a broader, more caring perspective. Miliband is trying to replace a government that is presiding over a sudden uptick in GDP, so naturally he wishes to point the spotlight somewhere else.