Noel Ortega, from the Institute for Policy Studies, hits the nail on the head when he points out that we get what we measure, in this article on living wealth indicators.
GDP doesn't measure well-being. It measures economic activity, to some degree. It doesn't reflect the state of our environment, our happiness or depression.
New indicators are being developed now. One example is the following:
"The resulting interactive MD-GPI Model is much more than a simple list of indicators;
it is a dynamic tool that allows policymakers and citizens to watch how investments and decisions in one indicator affect and are affected by other indicators."
It will be of interest to watch the development of tools as these and see how and when governments decide to adopt these indicators. At least, some things are moving in the right direction.