By Tom Mitchell
A Durham University undergraduate student is developing an alternative economic indicator to Gross Domestic Product (GDP).
Alice Lassman, a final-year Geography student at Van Mildert, designed the Global Integration and Individual Perception (GIIP) indicator, a dashboard of social, political and economic factors.
The indicator, which is being developed in collaboration with Durham University Geography Department, ties together existing metrics with individual perception. According to Lassman, this “is the best way of predicting future trends as the individuals that constitute the economy perform it into existence.”
Lassman is looking for participants to help develop the metric by filling out a survey based on their perception of the opportunity and ability of their country.
Speaking to Palatinate, Lassman said: “This metric puts democracy back into the economy. Measuring perception means that each of us can have a say in an increasingly uncertain future, making economics a discipline that is participatory and understandable.
“These indicators must reflect the needs of every person to deliver the most inclusive and reflective growth.”
Lassman, competing against seasoned professors, government advisers and economists, won the ‘Rising Star’ award in the inaugural £135,000 Indigo Prize in 2017, which asked entrants to deliver a 5,000-word response on how to measure economic activity in a 21st century economy. She was also one of the speakers at Durham’s inaugural TEDx event in 2019 and is a Laidlaw Scholar in Economics.
Lassman has also started a petition to make parliament debate economic growth.
The link for the survey to participate in developing the metric can be found here.