If we are developing and regenerating to create high-quality, sustainable communities, then people who live in them should have a higher quality of life, but how would we know that?

There are economic measures, such as employment rates or gross domestic product, but they are not sophisticated enough to see if people really do feel better off. People may be better off financially, but still fear crime, for example.

Has anyone come up with a more sophisticated measure?

East Midlands Development Agency is working on its own quality of life indicator, which it calls ISEW (Index of Sustainable Economic Wellbeing).

How does this indicator work?

The index has a basket of conventional measures, such as GDP and employment, but then deducts a monetary value for anything that is detrimental to society, such as crime, road accidents, or pollution. It also adds in social and volunteering exercises, such as caring for elderly neighbours.

How was it developed?

EMDA has carried out research with experts from a number of universities, looked at best practice overseas and worked with the New Economics Foundation.

Is ISEW available now?

Not yet. EMDA has been consulting on ISEW for the last six months and feedback has been positive. It plans to launch ISEW in the summer, alongside its regional economic strategy, "A flourishing region".

Why is EMDA producing the index?

EMDA already assesses the region's performance against a series of targets - for example, it has set itself the target of being one of Europe's top 20 regions by 2010, and is measuring progress against a series of economic and environmental measures.

ISEW will enable it to measure the region's aspirations to ensure economic growth and increased productivity are shared for the benefit of the whole region, that disparities within the region are addressed and that ambitions for increasingly cohesive, inclusive and participative communities are fulfilled.

Jeff Moore, chief executive of EMDA says: "Regeneration is not about bricks and mortar, it is about how cohesive you are as a society. There is nothing in the UK as comprehensive as this."


Regeneration is about social cohesion not just bricks and mortar

Regeneration is about social cohesion not just bricks and mortar

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RegenerateLive

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