Joe Stiglitz has decided that we should stop looking at GDP:

Gross domestic product, the leading economic measurement, is outdated and misleading.
Long the standard scorecard for any national economy, GDP has become deficient as a measure of long-term economic health in our resource-driven, globalizing world.

Stiglitz points to the fact that commodity exporters can show large increases in GDP when they export their commodities, with no offsetting accounting for the decrease in their natural resources. He also points out that in a lot of emerging market countries (he uses Papua New Guinea as a prime example) the benefits of GDP growth go overwhelmingly to foreigners, with locals having little to show for it beyond increased pollution.

Stiglitz has signed on to something called "green net national product" as a replacement for GDP – although he says nothing about how one might go about constructing time series for such an animal.

(Via ArgMax) 

Is Growth Good? A Look at "The Moral Consequences of Economic Growth"