Wellbeing economy monitor

3. Indicator selection

The indicators under each of the four capitals were selected according to the following criteria:

• Relevance: There must be a clear relationship between the indicator and type of asset (natural, human, social or produced/financial capital).
• Validity: The indicator must measure what it is supposed to measure.
• Distinctiveness: The indicator must not measure something already captured under other indicators.
• Practicality: The indicator must provide value for money and it must be feasible and affordable to obtain data. In practice this means that most of the indicators are drawn from the National Performance Framework.
• Clarity: The indicator must be straightforward to interpret.
• Credibility: The indicator must be based upon impartial, reliable data that is precise enough to show change over time.
• Comparability: There must be enough available data for the indicator to be able to draw comparisons over time, and ideally with other Wellbeing Economy Government group members.