The "Legatum Prosperity Index" (www.prosperity.com) includes 8 sub-indexes, focusing on wellbeing.
Malte Faber in his 2008 paper defines ecological economics has an area studying the impacts of nature, justice and time in the economic processes.
Do you think the Prosperity index is a way forward in our assessment of economic activity?
Yet, none of the 8 sub-index include an environmental assessment per se. Only the health sub-index includes the variable "satisfaction with environmental beauty".
How could we go further and give a better assessment of the economic impacts on the environment?
Many of the founders of ecological economics were against the use of such indexes. K.W. Kapp, for example, thought that such indexes "can be shown to reflect either the subjective preferences and valuations of the experts and/or powerful vested interests”.
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