A New Metric for Success
While we acknowledge the usefulness of traditional metrics such as GDP, GDP per capita, and productivity, a Physiocratic government would introduce a far more comprehensive measure for success, referred to as the Progress Index.
It might be taken into consideration when designing policymakers compensation. Each of the following indicators would be included, with different weightings (pts) : Real median hourly income growth, adjusted for purchasing power of essentials* - 10 pts
Unemployment/underemployment 7 pts
Labor force participation 7 pts
Productivity growth rate (GDP per hour worked) 7 pts
Leisure time (inverse of hours worked per year) 7 pts
Total fertility rate, proximity to 2.5 children per mother 6 pts
Air quality 6 pts
Water quality and availability 5 pts
Health indicators 5 pts
Current account balance 5 pts
Fiscal surplus 5 pts
Median commute times 5 pts
Use of national/regional architecture (% of constructed buildings/infrastructure) 5 pts
Survey on country beautification ratings 5 pts
Survey on availability of culture and national/regional cuisine 5 pts
Survey on government corruption 5 pts
Survey on quality of public services 5 pts
*Purchasing power of essentials would factor in cost of living space per square meter. All indicators that comprise the Progress Index should be based on their annual rate of change.
The Progress Index measures economic growth in a way that accounts for New Physiocratic priorities; measurements which are actually felt by the population. It includes metrics to monitor changes in physical space (environmental quality and architecture), time (leisure time and commute times), and comprehensive measures of purchasing power. Finally, it ensures that unlike with simple GDP growth figures, the numbers cannot be distorted by boosting the population or inducing artificial lending booms.