The Misery Index (MI), also known as the Economic Discomfort Index, is a macroeconomic gauge originally proposed by Arthur M. Okun. It is defined as the unweighted sum of inflation and unemployment rates. This indicator attempts to synthesize the main factors generating economic malaise and collective discomfort, although it has been criticized for being an oversimplification of the economic problems faced by average citizens. Consequently, researchers have modified this index by incorporating variables associated with informality, interest rates, and economic growth, among others. Despite its simplicity, the MI has been utilized to describe the behavior of numerous social phenomena, such as suicide, the inclination to gamble, and tourism. However, the index has also been criticized for the inherent difficulty of associating its behavior with specific policy actions. This paper presents the main criticisms that this index has received, as well as its main applications and the various modifications it has undergone over time.
Fernando Sánchez López (Sun,) studied this question.
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