Consortium will aim to establish new methods of economic and statistical analyses, moving beyond GDP and addressing wider societal challenges

A new research consortium, or Chair, exploring ‘Economic Measurement beyond GDP’, has been created at the Paris School of Economics (PSE). The Chair aims to enhance the methods used for economic statistics—particularly by promoting the use of new data sources and the development of real-time forecasting tools, also known as nowcasting.

The research consortium brings together five organisations—the Paris School of Economics, AI and big data specialist QuantCube Technology, Société Générale, the French National institute of Statistics and Economic Studies (INSEE) and asset management firm CANDIRAM. It aims to continue the initiative led by the Stiglitz Commission to enhance the statistical measurement of economic performance and society’s well-being, beyond GDP.

To achieve the Chair’s aims, partner organisations will share knowledge and resources to:

• Promote new data sources for the development of short-term economic forecasting (nowcasting) tools, moving beyond GDP.
• Understand how statistics can be used to deliver insights beyond economic projections, such as assisting in meeting national sustainability targets and other societal challenges.
• Bring together researchers and experts from across the globe, encouraging the exchange of ideas through seminars, training sessions and major conferences, as well as fund doctoral and postdoctoral grants in relevant fields of study.

Speaking of its involvement with the Chair, QuantCube Technolgies’ CEO and co-founder, Thanh-Long Huynh said: “QuantCube is honoured to participate in the ‘Economic measurement beyond GDP’ research programme in partnership with the Paris School of Economics, INSEE, Candriam and Société Générale. For some time now, eminent economists across the globe have argued that we need to measure economic value and well-being beyond the production of goods and services, to incorporate social factors such as public services, people’s living standards and long-term sustainability. Until now such information has only been available sporadically and there is no agreed standard for what should be measured.”

In close collaboration with its consortium partners, QuantCube Technologies will use its cutting-edge AI and big data analytics tools and expertise to uncover new methods of economic analyses.

“QuantCube is using AI and big data analytics to collect and process huge volumes of relevant data, creating timely nowcasting indicators that can be evaluated by the research team. Long term we aim to collectively agree and standardise on an approach for measuring economic value beyond GDP,” Huynh, said.

Jean-Oliver Hairault, Director, Paris School of Economics, said: “With this Chair, the Paris School of Economics reaffirms its commitment to a quantified approach to economics, and its desire to be involved in the major challenges facing society. The conception of economic and social statistics must evolve in order to have real time data, particularly useful in times of crisis, and richer data to open up new fields of analysis, first and foremost that of the environmental transition. PSE is delighted to be able to gather around this project partners whose expertise and support will greatly contribute to the advancement of knowledge in concert with our researchers.”