The index is applied to assess the economic performance of select countries from 1985-2005.Human beings are distinguished from other life forms by their unique ability to fashion tools which extend our powers of consciousness beyond the reach of our senses and our powers of execution beyond the limits of strength, endurance, space and time imposed by our physical bodies. Language is a tool which enables us to formulate original ideas, communicate our inmost thoughts and feelings, record events for posterity, transmit knowledge down through the ages, and exchange ideas over vast expanses of time and space.Global satellite navigation has made the chronometer obsolete.The 20th century has been aptly described as The First Measured Century in recognition of the enormous recent strides in harnessing the power of measurement.
The essential purpose of economic activity is the promotion of human development, welfare and well-being in a sustainable manner, and not growth for growth’s sake, yet we lack effective measures to monitor progress toward these objectives.
The development of modern economy has been made possible by continuous development and refinement of tools and measures.
The Domesday Book is a record of the first known numerical census conducted by William I of England in 1085 to identify arable lands, livestock, fisheries and other sources of national wealth as a basis for improved tax collection. Today economics employs a wide range of indispensable measuring tools, including GDP, the consumer price index, interest rate, money supply, exchange rate and the unemployment rate.
Phenomenal scientific and social progress since the end of World War II has opened up previously unimagined opportunities and ignited soaring aspirations the world over.
Today humanity pursues a common quest for higher standards of living, greater economic security, sustainable development, higher levels of welfare and well-being.