Barbara M. Fraumeni, distinguished professor of HNU Center for Economics, Finance and Management Studies (CEFMS), published a letter “How to measure sustainable progress” on Science Magazine (Vol 350, Issue 6262), in the name of Hunan University. This is the first publication of HNU’s humanities and social science sector on Science Magazine, marking it reaching a new height in social science studies.

The paper targets to a comprehensive fortune measuring tool needed by the government to evaluate sustainable development. Reproducible capital, as well as human capital and natural capital are involved in such fortune. Conventionally, a national accounting system only takes reproducible capital into account, instead of a comprehensive measurement of fortune. Economic growth ought to be evaluated in terms of fortune increase, rather than just GDP or NDP. The GDP growth could be realized at the price of resource exploitation and environmental damages. Hence, a suggestion was given that, in order to achieve sustainable development, statistical departments should have such an account, aiming to measure the fortune and record changes over time. A one-sided focus on GDP would lead to improper assessment to possible development projects.

Barbara M. Fraumeni joined Hunan University as a distinguished professor in 2014, and served on the academic committee of CEFMS. She participates in disciplinary development and research management of the Center, and gives lectures on Labor Economics.