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Against the backdrop of the 2008 global economic crisis, the then French President Nicolas Sarkozy declared in September 2009 that France would pioneer a new approach that would eliminate the use of GDP as a measure of national wealth and introduce one that measures wellbeing alongside economic strength. In 2009 at the launch of the report commissioned by President Sarkozy, Nobel Prize-winning economist Joseph Stiglitz referred to the fact that ‘GDP has increasingly become used as a measure of societal wellbeing, and changes in the structure of the economy and our society have made it an increasingly poor one.
