The Indigo Prize is a new economics prize that challenges entrants to consider how to measure economic activity in a 21st century economy. We want to catalyse a debate about how and what factors are currently measured given our evolving economies, technology and skills bases, and what should now be taken into consideration in official economic statistics that measure the health, size and growth of a modern economy.
Applicants to 2017’s competition were invited to submit an essay of up to 5,000 words, with the shortlisted candidates going on to present their concept to our eminent Judging Panel.
The first and second prize were awarded in an equal split, with £125,000 to be shared between teams led by Diane Coyle, Professor of Economics at Manchester University, and Jonathan Haskel, of the Imperial College Business School. The £10,000 third prize awarded to 19 year-old Durham University student Alice Lassman. You can view all three entries here.
The Indigo Prize challenged entrants to consider how to measure economic activity in a 21st Century economy. The Prize aims to stimulate debate about factors currently measured, given evolving economies, technology and skill bases, and what should now be taken into consideration in official economic statistics that measure the health, size and growth of a modern economy.
Entrants were invited to submit a 5,000-word answer to the following question:
“How would you design a new economic measure for global economies that fully acknowledges not only social and economic factors but the impact of creativity, entrepreneurship and digital skills? How should your new measure be used to improve the way we measure GDP in official statistics?”