[Script Info]
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Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.90,0:00:02.90,Default,,0000,0000,0000,,Some of the things that are good for GDP,
Dialogue: 0,0:00:02.90,0:00:03.90,Default,,0000,0000,0000,,but terrible for us,
Dialogue: 0,0:00:03.90,0:00:06.59,Default,,0000,0000,0000,,are, for example, hurricanes\Nand other natural disasters,
Dialogue: 0,0:00:06.59,0:00:09.49,Default,,0000,0000,0000,,wars, drug trafficking, and cybercrime.
Dialogue: 0,0:00:09.49,0:00:12.12,Default,,0000,0000,0000,,Many of those things\Nrequire police services
Dialogue: 0,0:00:12.12,0:00:14.36,Default,,0000,0000,0000,,or other dedicated services\Nin order to protect,
Dialogue: 0,0:00:14.36,0:00:16.66,Default,,0000,0000,0000,,and this is what makes GPD go up.
Dialogue: 0,0:00:17.79,0:00:19.22,Default,,0000,0000,0000,,[GDP or Gross Domestic Product
Dialogue: 0,0:00:19.22,0:00:21.42,Default,,0000,0000,0000,,is the yardstick we use\Nto measure an economy.]
Dialogue: 0,0:00:21.42,0:00:25.16,Default,,0000,0000,0000,,It measures all the activity that goes on\Nin the economy in a single year.
Dialogue: 0,0:00:25.16,0:00:28.60,Default,,0000,0000,0000,,You can measure it either by adding up\Neverything people spend,
Dialogue: 0,0:00:28.60,0:00:29.75,Default,,0000,0000,0000,,all of the incomes
Dialogue: 0,0:00:29.75,0:00:31.52,Default,,0000,0000,0000,,or all of the outputs in the economy,
Dialogue: 0,0:00:31.52,0:00:33.47,Default,,0000,0000,0000,,like measuring the height of a mountain
Dialogue: 0,0:00:33.47,0:00:34.66,Default,,0000,0000,0000,,or the depth of a river.
Dialogue: 0,0:00:34.66,0:00:36.42,Default,,0000,0000,0000,,But it's not a natural object at all.
Dialogue: 0,0:00:36.42,0:00:37.88,Default,,0000,0000,0000,,It's an analitical construct.
Dialogue: 0,0:00:37.88,0:00:41.10,Default,,0000,0000,0000,,But, of course, that's the kind\Nof arbitrary definition,
Dialogue: 0,0:00:41.10,0:00:43.24,Default,,0000,0000,0000,,and lots of judgments were involved.
Dialogue: 0,0:00:43.24,0:00:45.04,Default,,0000,0000,0000,,And I think it would be really helpful
Dialogue: 0,0:00:45.04,0:00:47.67,Default,,0000,0000,0000,,if people could get their head\Naround the uncertainty
Dialogue: 0,0:00:47.67,0:00:50.43,Default,,0000,0000,0000,,that's involved in measuring GDP.
Dialogue: 0,0:00:51.13,0:00:52.32,Default,,0000,0000,0000,,[GDP is powerful.
Dialogue: 0,0:00:52.32,0:00:53.62,Default,,0000,0000,0000,,It can swing elections
Dialogue: 0,0:00:53.62,0:00:55.54,Default,,0000,0000,0000,,and seal how much a country can borrow.]
Dialogue: 0,0:00:57.55,0:01:00.17,Default,,0000,0000,0000,,[But economists are questioning\Nhow useful it is today.]
Dialogue: 0,0:01:00.17,0:01:02.88,Default,,0000,0000,0000,,The term dates back\Nto the Second World War,
Dialogue: 0,0:01:02.88,0:01:05.04,Default,,0000,0000,0000,,when the need was to understand
Dialogue: 0,0:01:05.04,0:01:08.98,Default,,0000,0000,0000,,what resources the war economy needed,\Nand what consumption sacrifices.
Dialogue: 0,0:01:08.98,0:01:11.84,Default,,0000,0000,0000,,Citizens were going to have to make\Nto enable that to happen.
Dialogue: 0,0:01:11.84,0:01:16.74,Default,,0000,0000,0000,,So a whole set of national statistics\Nnow dates from the 1940s.
Dialogue: 0,0:01:17.48,0:01:20.18,Default,,0000,0000,0000,,[GDP counts things like deforestation\Nand divorce lawyers,
Dialogue: 0,0:01:20.18,0:01:21.76,Default,,0000,0000,0000,,but overlooks some vital assets.]
Dialogue: 0,0:01:21.76,0:01:23.47,Default,,0000,0000,0000,,It leaves out some important things.
Dialogue: 0,0:01:23.47,0:01:28.01,Default,,0000,0000,0000,,It leaves out the environmental\Ncost of economic growth,
Dialogue: 0,0:01:28.01,0:01:32.19,Default,,0000,0000,0000,,and it leaves out the value of unpaid work\Nthat people do in their homes.
Dialogue: 0,0:01:32.19,0:01:34.39,Default,,0000,0000,0000,,And it also doesn't pay any attention
Dialogue: 0,0:01:34.39,0:01:37.08,Default,,0000,0000,0000,,to the national\Nbalance sheet, if you'd like,
Dialogue: 0,0:01:37.08,0:01:41.20,Default,,0000,0000,0000,,to the assets that we use to enjoy\Ntoday's income and consumption.
Dialogue: 0,0:01:41.20,0:01:43.21,Default,,0000,0000,0000,,So if we really care about sustainability,
Dialogue: 0,0:01:43.21,0:01:44.26,Default,,0000,0000,0000,,a very important thing
Dialogue: 0,0:01:44.26,0:01:47.47,Default,,0000,0000,0000,,is to start measuring\Nall of those assets properly as well.
Dialogue: 0,0:01:48.98,0:01:50.58,Default,,0000,0000,0000,,[So what can we do differently?]
Dialogue: 0,0:01:52.05,0:01:54.91,Default,,0000,0000,0000,,[One alternative approach\Nis to focus on "inclusive growth."]
Dialogue: 0,0:01:57.18,0:01:59.75,Default,,0000,0000,0000,,[That's the world economic\Nforum's framework for growth
Dialogue: 0,0:01:59.75,0:02:02.75,Default,,0000,0000,0000,,that benefits society as a whole\Nand will last into the future.]
Dialogue: 0,0:02:03.49,0:02:05.79,Default,,0000,0000,0000,,[Norway is the world leader\Nin the 2018 index.]
Dialogue: 0,0:02:07.02,0:02:09.43,Default,,0000,0000,0000,,It's about equal opportunities for women,
Dialogue: 0,0:02:09.43,0:02:12.85,Default,,0000,0000,0000,,and it's about having\Na public finance system
Dialogue: 0,0:02:12.85,0:02:16.10,Default,,0000,0000,0000,,of education and of healthcare
Dialogue: 0,0:02:16.10,0:02:19.69,Default,,0000,0000,0000,,which also makes services accessible.
Dialogue: 0,0:02:20.50,0:02:23.42,Default,,0000,0000,0000,,[Norway uses its historical oil wealth\Nto fund public services
Dialogue: 0,0:02:23.42,0:02:25.32,Default,,0000,0000,0000,,and the transition to clean energy.]
Dialogue: 0,0:02:26.95,0:02:30.03,Default,,0000,0000,0000,,[Over 98% of its energy now comes\Nfrom renewable sources.]
Dialogue: 0,0:02:31.57,0:02:34.98,Default,,0000,0000,0000,,[Norway also has one of the smallest\Nrich-poor gaps in the world.]
Dialogue: 0,0:02:36.72,0:02:40.01,Default,,0000,0000,0000,,[Cleaners and construction workers\Nare paid a minimum of $21 an hour.]
Dialogue: 0,0:02:40.65,0:02:44.01,Default,,0000,0000,0000,,I believe that your history\Nand your culture
Dialogue: 0,0:02:44.01,0:02:46.82,Default,,0000,0000,0000,,does affect how a society is run.
Dialogue: 0,0:02:46.82,0:02:50.04,Default,,0000,0000,0000,,All countries can work\Ntowards more inclusiveness
Dialogue: 0,0:02:50.04,0:02:53.70,Default,,0000,0000,0000,,but understanding\Nhow their country is functioning.
Dialogue: 0,0:02:53.70,0:02:57.79,Default,,0000,0000,0000,,I think we have been benefited\Nby a quite poor society
Dialogue: 0,0:02:57.79,0:03:00.28,Default,,0000,0000,0000,,newly becoming richer per being rich
Dialogue: 0,0:03:00.28,0:03:03.86,Default,,0000,0000,0000,,after we have established\Nstrong institutions.
Dialogue: 0,0:03:03.86,0:03:06.77,Default,,0000,0000,0000,,One of the things we have\Nis a large NGO sector
Dialogue: 0,0:03:06.77,0:03:08.50,Default,,0000,0000,0000,,with a lot of voluntary work,
Dialogue: 0,0:03:08.50,0:03:11.82,Default,,0000,0000,0000,,which is where most of them\Nwishes to live their lives
Dialogue: 0,0:03:11.82,0:03:13.26,Default,,0000,0000,0000,,in activity without us.
Dialogue: 0,0:03:13.26,0:03:16.27,Default,,0000,0000,0000,,And I think that makes\Nvery close bonds between people.
Dialogue: 0,0:03:16.86,0:03:17.91,Default,,0000,0000,0000,,[While economic growth
Dialogue: 0,0:03:17.91,0:03:20.53,Default,,0000,0000,0000,,has lifted hundreds of millions\Nof people out of poverty
Dialogue: 0,0:03:20.53,0:03:21.53,Default,,0000,0000,0000,,in the last 30 years,
Dialogue: 0,0:03:21.53,0:03:22.74,Default,,0000,0000,0000,,GDP has failed to capture
Dialogue: 0,0:03:22.74,0:03:24.79,Default,,0000,0000,0000,,some of the biggest\Nchallenges of our times,
Dialogue: 0,0:03:24.79,0:03:27.04,Default,,0000,0000,0000,,from inequality to climate change.]
Dialogue: 0,0:03:28.34,0:03:31.59,Default,,0000,0000,0000,,[So what hope will it have\Nfor the economy of the future?]
Dialogue: 0,0:03:33.10,0:03:35.10,Default,,0000,0000,0000,,[Should we say RIP, GDP?]
Dialogue: 0,0:03:35.68,0:03:39.66,Default,,0000,0000,0000,,There's a really great appetite\Nat the moment to go beyond GDP
Dialogue: 0,0:03:39.66,0:03:43.39,Default,,0000,0000,0000,,and get a better understanding\Nof economic progress.
Dialogue: 0,0:03:43.39,0:03:46.48,Default,,0000,0000,0000,,This is partially being driven\Nby all the digital change
Dialogue: 0,0:03:46.48,0:03:48.24,Default,,0000,0000,0000,,that we see happening in the economy.
Dialogue: 0,0:03:48.24,0:03:50.48,Default,,0000,0000,0000,,We need to track what that's doing,
Dialogue: 0,0:03:50.48,0:03:52.30,Default,,0000,0000,0000,,which is both, you know, very good
Dialogue: 0,0:03:52.30,0:03:54.70,Default,,0000,0000,0000,,because of the innovations\Nthat we're able to use,
Dialogue: 0,0:03:54.70,0:03:56.09,Default,,0000,0000,0000,,but somewhat worrying
Dialogue: 0,0:03:56.09,0:03:59.39,Default,,0000,0000,0000,,if it means that there's going to be\Ndisruption to jobs as well.
Dialogue: 0,0:03:59.39,0:04:01.20,Default,,0000,0000,0000,,So we certainly want to track that.
Dialogue: 0,0:04:01.20,0:04:03.67,Default,,0000,0000,0000,,And I think that's the project\Nfor the next few years
Dialogue: 0,0:04:03.67,0:04:05.51,Default,,0000,0000,0000,,for researchers and policymakers
Dialogue: 0,0:04:05.51,0:04:08.77,Default,,0000,0000,0000,,to have that conversation about move on
Dialogue: 0,0:04:08.77,0:04:11.53,Default,,0000,0000,0000,,to go beyond GDP for a better\Nmeasure of economic progress,
Dialogue: 0,0:04:11.53,0:04:13.01,Default,,0000,0000,0000,,but we all began to go to.