Measuring Progress: A Comparison of the GDP, HDI, GS and the RIE

The current paper constructs a progress measurement appropriate for measuring multiple and different dimensions of progress. The paper is not meant to be a detailed discussion of the framework but rather a demonstrated application of the measure. The constructed resource-infrastructure-environment progress measure employs a non-monetary evaluation adopting a weighting technique based on public opinion. The proposed index is assessed from a single summary standpoint. The aggregation method is evaluated via a z-score standardisation technique. The progress index is applied to three countries that are representative of different clusters. They are Australia (mid-industrialised nation), Mexico (emerging economy), and the US (highly industrialised nation). These selected countries provide an opportunity to highlight any divergences that may exist in their perceived economic strength. The results showed Australia as consistently having the highest levels of progress, closely followed by Mexico and then the US.