Proposed U.S. Presidential Candidate Stump Speech

Over the course of our history, we have gotten a lot of things right in this country. Our political and economic principles and practices, not to speak of our technological innovations, have been models for countries the world over. The rest of the world has looked to us for leadership for a long time, and continues to do so.

Though some say our day in the sun might be over, I say we’ve hardly begun. We have new things to show the world. The problems we are facing as a nation right now have not come about because of flaws or failings in our basic principles. Those problems have come about because we have not yet creatively applied those principles in new ways, in new areas of our lives.

We have built our democracy and our economy on the ideas of equal rights and fair play, so that everyone has a chance to get into the game and make a place for themselves. Because of the way we have invested in these ideas over the last 235 years, this country has made big gains in bringing higher standards of living to more and more of our citizens, and to the citizens of countries on every continent. Along the way, there have been times when we’ve stumbled, but we’ve always picked ourselves back up and moved on to reach even higher standards than before.

We’ve been stumbling again here over these last few years. Though we continue to succeed with creative and innovative ideas in some areas, the world is changing. It isn’t enough for us to just react to the changes going on around us, or to resist those changes. We need to initiate changes of our own. Creating the future lets us predict it, lets us own it. Let me tell you about my vision of how we can create a new future together, a future that we can all own a piece of.

We have known for a long time that the richness of our lives depends on far more than the mere accumulation of material things. But despite that, the ongoing economic crisis has come about in large part precisely because we systematically put too much weight on material things in gauging our quality of life. But real wealth–and we all know this–the things that really make life worth living are not measured by any of the numbers that appear in the financial pages’ stock and economic indexes.

So efforts have been made to come up with numbers that will rise and fall with changes in our overall quality of life. New measures of real wealth, genuine progress, or happiness have been proposed. Many of us invest our retirement funds in stock indexes tied to socially responsible or environmentally sustainable corporate behaviors.

These are all steps in the right direction. But they fall short of what we need. More importantly, they fall short of what’s possible, and what’s already proven. Advances made in the social sciences over the last 50 years and more are setting the stage for a whole new array of exciting opportunities. It’s time to move these developments out of the lab and bring them to market. For instance, instead of relying on traditional statistics summarizing what’s going on at a high level, we need new measures that help us individually manage our investments in our own resources.

We say we manage what we measure, but, as I’ve already noted, we don’t have systems for measuring what’s really important in life. Are our skills, health, trustworthiness, and environmental quality really as important to us as we say they are? It would be natural to think, if they are that important, we would know how much of each of them we have and what they are worth. We ought to have ways of measuring these things, showing how much we each own, and knowing what it’s all worth. But we don’t.

Without those measures, we can’t effectively manage our own stocks of the resources most valuable to the quality of our lives. If we don’t know where we stand relative to one another or relative to where we were last week or last year, then we lack information vital to knowing how to move forward. And if we don’t know as individuals how to move forward, then we don’t know as a nation. If we do know as individuals where we stand and how to move forward, then we will also know as communities, and as managers in firms, classrooms, clinics, and hospitals.

The role of government in our lives is supposed to be to make things easier. And so to make it easier for everyone to manage the full range of the resources they have available to them, I now propose a new array of initiatives to be undertaken by the National Science Foundation, the National Institute for Standards and Technology, and the National Institutes of Health. These initiatives will focus on the research and education programs we need to create a new set of measurement standards, a kind of metric system that will give us the meaningful and precise numbers we need to manage the sources of our real wealth.

I will furthermore propose new legislation establishing an Intangible Assets Metric System as the legally binding terms for expressing the sources of real wealth in our lives. This law, when passed, as I’m sure it will be, will also establish each individual’s right to the free and clear ownership of their shares of human, social, and natural capital. Nothing is more important to the future of our nation, morally and economically, than each of us having a clear understanding of the value and worth of our reading, writing and math abilities, our health, our social relationships, and our environmental quality.

My administration will also reach out to industries and standards organizations of all kinds, but especially in economics, finance and accounting, to seek new creative ways for applying these measurement standards in managing our resources. I will also implement a new executive order establishing a wide range of new economic incentives designed to encourage investment in information systems for managing the new metrics in personalized accounts.

This series of initiatives will enable us to harmonize our efforts in new ways. We all know we can accomplish more working together as a team than we can alone. A new system of scientific, legal, and financial tools for managing our real wealth will make us a better team than ever. With these tools we will once again assert our leadership as innovators on a global scale, keeping the dream of a better life alive.


For more on the science behind these ideas, and their potential applications, see previous posts in this blog, and the following:

Fisher, W. P., Jr. (2009, November). Invariance and traceability for measures of human, social, and natural capital: Theory and application. Measurement, 42(9), 1278-1287.

Fisher, W. P., Jr. (2009, November 19). Draft legislation on development and adoption of an intangible assets metric system. Retrieved 6 January 2011, from

Fisher, W. P.. Jr. (2009). NIST Critical national need idea White Paper: metrological infrastructure for human, social, and natural capital ( Washington, DC: National Institute for Standards and Technology.

Fisher, W. P., Jr. (2010, 30 September). Distinguishing between consistency and error in reliability coefficients: Improving the estimation and interpretation of information on measurement precision., Sausalito, California. Social Science Research Network [Online]. Available: .

Fisher, W. P., Jr. (2010, 22 November). Meaningfulness, measurement, value seeking, and the corporate objective function: An introduction to new possibilities.,, Sausalito, California. Social Science Research Network [Online] (

Fisher, W. P., Jr. (2010). The standard model in the history of the natural sciences, econometrics, and the social sciences. Journal of Physics: Conference Series, 238(1),

Fisher, W. P., Jr. (2010). Statistics and measurement: Clarifying the differences. Rasch Measurement Transactions, 23(4), 1229-1230 [].

Fisher, W. P., Jr. (2011). Bringing human, social, and natural capital to life: Practical consequences and opportunities. In N. Brown, B. Duckor, K. Draney & M. Wilson (Eds.), Advances in Rasch Measurement, Vol. 2 (pp. 1-27). Maple Grove, MN: JAM Press.

Fisher, W. P., Jr. (2011). Measuring genuine progress by scaling economic indicators to think global & act local: An example from the UN millennium development goals project., Sausalito, California. Social Science Research Network [Online]. (

Fisher, W. P., Jr. (2011). Stochastic and historical resonances of the unit in physics and psychometrics. Measurement: Interdisciplinary Research & Perspectives, 9, 46-50.

Fisher, W. P., Jr. (2012). Measure local, manage global: Intangible assets metric standards for sustainability. In J. Marques, S. Dhiman & S. Holt (Eds.), Business administration education: Changes in management and leadership strategies (in press). New York: Palgrave Macmillan.

Fisher, W. P., Jr. (2012). What the world needs now: A bold plan for new standards. Standards Engineering, in press.

Fisher, W. P., Jr., & Burton, E. (2010). Embedding measurement within existing computerized data systems: Scaling clinical laboratory and medical records heart failure data to predict ICU admission. Journal of Applied Measurement, 11(2), 271-287.

Fisher, W. P., Jr., Elbaum, B., & Coulter, W. A. (2012). Construction and validation of two parent-report scales for the evaluation of early intervention programs. Journal of Applied Measurement, 13, in press.

Fisher, W. P., Jr., Eubanks, R. L., & Marier, R. L. (1997). Equating the MOS SF36 and the LSU HSI physical functioning scales. Journal of Outcome Measurement, 1(4), 329-362.

Fisher, W. P., Jr., Harvey, R. F., & Kilgore, K. M. (1995). New developments in functional assessment: Probabilistic models for gold standards. NeuroRehabilitation, 5(1), 3-25.

Fisher, W. P., Jr., Harvey, R. F., Taylor, P., Kilgore, K. M., & Kelly, C. K. (1995, February). Rehabits: A common language of functional assessment. Archives of Physical Medicine and Rehabilitation, 76(2), 113-122.

Fisher, W. P., Jr., & Karabatsos, G. (2005). Fundamental measurement for the MEPS and CAHPS quality of care scales. In N. Bezruczko (Ed.), Rasch measurement in the health sciences (pp. 373-410). Maple Grove, MN: JAM Press.

Fisher, W. P., Jr., & Stenner, A. J. (2011). Geometric and algebraic formulations of scientific laws: Mathematical principles for phenomenology. Journal of Phenomenological Psychology, in review.

Fisher, W. P., Jr., & Stenner, A. J. (2011, April). Integrating qualitative and quantitative research approaches via the phenomenological method. International Journal of Multiple Research Approaches, 5(1), 89-103.

Fisher, W. P., Jr., & Stenner, A. J. (2011). Making clear what something is:  Scientific law, construct validity and reliability in measuring reading ability. Psychological Methods, in review.

Fisher, W. P., Jr., & Stenner, A. J. (2011, January). Metrology for the social, behavioral, and economic sciences (Social, Behavioral, and Economic Sciences White Paper Series). Retrieved 25 October 2011, from National Science Foundation:

Fisher, W. P., Jr., & Wright, B. D. (Eds.). (1994). Applications of probabilistic conjoint measurement (Special Issue). International Journal of Educational Research, 21(6), 557-664.

Heinemann, A. W., Fisher, W. P., Jr., & Gershon, R. (2006). Improving health care quality with outcomes management. Journal of Prosthetics and Orthotics, 18(1), 46-50 [] .

Solloway, S., & Fisher, W. P., Jr. (2007). Mindfulness in measurement: Reconsidering the measurable in mindfulness. International Journal of Transpersonal Studies, 26, 58-81 [].

Sumner, J., & Fisher, W. P., Jr. (2008). The moral construct of caring in nursing as communicative action: The theory and practice of a caring science. Advances in Nursing Science, 31(4), E19-E36.

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LivingCapitalMetrics Blog by William P. Fisher, Jr., Ph.D. is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License.
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