"Economists are coming to acknowledge that measures of national wealth and poverty in terms strictly of average income tell you little that is significant of the health or viability of a society"

Rowan D. Williams' statement indicate a growing acknowledgment among economic experts that conventional metrics of nationwide wealth, such as Gdp (GDP) or average earnings, are insufficient for recording the real health and viability of a society. This perspective reflects a shift towards a more nuanced understanding of financial success, one that extends beyond mere financial success and average profits.

Historically, metrics like GDP have been the predominant indications of a country's financial performance. These figures, however, use a minimal view. They determine the typical output or income, overlooking the distribution of wealth and earnings throughout the population. A country may have a high average earnings, but if this wealth is concentrated in the hands of a few, the more comprehensive population might still be residing in hardship. Such economic disparities can lead to social discontent, diminished lifestyle, and a host of other issues that can destabilize a society.

Furthermore, average income figures do not represent other essential elements that contribute to a society's health and practicality. These elements include education, health care, environmental sustainability, social equity, and the total wellness and happiness of its residents. A high average earnings does little to reflect prevalent joblessness, an absence of standard services, contamination, or inequality, all of which can deteriorate the social material.

Williams' observation calls for economists and policymakers to embrace more thorough indicators that incorporate these broader measurements. Concepts like the Human Development Index (HDI) or steps of social development and joy aim to provide a fuller picture. They think about factors such as education levels, life span, income equity, and environmental health, providing insight into how wealth translates into lifestyle and social durability.

In summary, rather than focusing directly on fiscal efficiency, Williams supporters for a holistic method to understanding financial health-- one that truly reflects the complexities and needs of modern societies.