Human Welfare Metrics
<!-- TITLE: Human Welfare Metrics --> <!-- SUBTITLE: A quick summary of Human Welfare Metrics --> # Summary Using the right metrics is important to estimate the cost-effectiveness of different interventions. The most commonly used measure for the cost-effectiveness of near-term human welfare is the Quality-Adjusted Life Year (QALY). **Criticism** However, the use of QALYs has recently been criticised (source) because it relies on a methodology that systematically overestimates the impact of certain disabilities (e.g. loss of mobility). As a consequence, disabilities that score high on multiple measures (e.g. extreme pain, mental disabilities) might be underprioritized. **Criteria for selecting a measure** In selecting the right measure, at least the following criteria are important: * *Validity*: does it measure what we want it to measure? * *Availability*: is there enough data available to compare the impact of different interventions? * .. **Types of measures** * Quality-Adjusted Life-Years (QALY's) & Disability-Adjusted LIfe-Years (DALY's) * Subjective Wellbeing (SWB) measures * Life Satisfaction measures. # Sources * Clark, A. E., Flèche, S., Layard, R., Powdthavee, N., & Ward, G. (2018). *The origins of happiness: the science of well-being over the life course*. Princeton University Press.