This book challenges the dominance of GDP as the primary benchmark of social progress and offers a rigorous framework for rethinking economic success in high‑income economies. Drawing on the evolution of welfare measurement—from GDP to MEW, NNW, and the Genuine Progress Indicator—the book critically examines the limits of growth‑centered policy and its implications for wellbeing. Moving beyond conventional market‑failure analysis, the author introduces a novel system and factor approach that addresses observed failures of modern economies alongside pressing global challenges such as climate change, pandemics, and geopolitical conflict. By integrating welfare‑enhancing policies with explicit consideration of welfare‑deductive risks, the book provides a balanced and policy‑relevant vision of societal development. This volume will be of interest to scholars and graduate students in economics, public policy, and social welfare, as well as policymakers seeking practical pathways toward a welfare‑oriented mature society.
Mitsuhiko Iyoda is Professor Emeritus at Momoyama Gakuin University (St. Andrew’s University), Osaka, Japan.