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Success is not measured in terms of the satisfaction of basic needs, quality of life, or protection of the environment.In a new economy designed to promote the common good, new methods will be available to measure success.At the national level, the Common Good Product will indicate a country’s success according to universal values.
The Organization for Economic Co-operation and Development’s ( and can help define the most relevant quality of life indicators for a future Common Good Product.
If the Common Good Product of a country rises, its citizens can be sure that one or more of the following are true: unemployment and poverty rates have dropped, the incarceration rate is going down, income inequality has improved, and/or sufficient steps have been taken to address climate change.
The following ten principles help clarify the ideas and concepts underlying the ) is to end the confusion between means and ends in our economic system.
Money and capital should no longer be the end or the goal of economic activity, but rather the means to reach a higher goal, namely to improve the common good. The Greek philosopher Aristotle differentiated between “oikonomia,” the art of sustainably managing the house” (economy for the common good) and “chrematistike,” the art of making money (capitalism).
The fundamental failure of the present system is that economic success is measured strictly according to monetary indicators, such as the Gross Domestic Product for countries, or financial profit for businesses.
Banking and finance will also need to reorient their priorities.
It may not be carried out against the common good.” In the preamble to the is redefining success according to a company’s contribution to the common good.
The fundamental failure of the present system is that economic success is measured strictly according to monetary indicators, such as the Gross Domestic Product () for countries, or financial profit for businesses.
, financial balance sheets, and credit risk analyses will still be necessary.
Common good indicators, however, will play a more important role than simple financial indicators.