Measurement, Social Well-Being and a Way Forward

Measurement, Social Well-Being and a Way Forward with Roberto Rigobon

Roberto Rigobon, Professor of Applied Economics at the MIT Sloan School of Management, is our guest in today’s episode which is our seventh and final episode in a special series of interviews conducted as part of the WTCA’s General Assembly, held April 26-30, 2021. Roberto’s study of measurements is our focus in this episode as he explains their relevance, his “PROMISE” framework for identifying necessary measurements and the four errors often used in measurements. He then provides challenges to help companies see how measurements can affect their decision-making processes and, in return, their profits and the overall well-being of their country and the world. Roberto wraps up the interview with a discussion on inflation and the impacts of COVID-19 on inflation around the world.

• Social well-being can effectively be measured by the framework of “PROMISE” which includes personal aspects, relationships, organizations, markets/economy, institutions, social aspects and environmental aspects. 1:28
• Roberto discusses the shortcomings of current measurements and how the lack of assessment leads to negative consequences in our personal life, businesses and the world. 6:25
• Roberto provides suggestions on measurements and actions that can be taken to improve commerce when the international trade infrastructure is uncertain.15:07
• Inflation is a necessary byproduct of the COVID pandemic and, although there will be consequences in the form of increased taxes, Roberto feels that the right decisions were made to provide extra support during these unprecedented times. 18:39