Putting a price tag on quality of life

Abstract

Alternative measures for a country's success beyond measuring Gross Domestic Product (GDP) are needed. Wellbeing and quality of life do not always follow from economic growth. This realisation goes as far back as the 19th century. Air pollution triggered one of the first societal shifts to improve the environment. The factories of the Industrial Revolution blanketed cities like London in smog, which as early as 1891 led to urgent and severe government action in the form of the Public Health Act. Polluting businesses faced financial penalties unless they cleaned up their act. Air pollution in London has decreased ever since.