In this paper we consider the evolution of quantitative accounting of social indicators for measuring societal progress and sustainable development, with particular reference to economic analysis and social indicators. We examine the use of the System of National Accounts and introduce the concept of using input‐output analysis for the development of social indicators. The use of satellite accounts for input‐output analysis of environmental impacts and the development of environmental footprints has been well documented. The novelty of this paper is the use of a methodology frequently used to develop environmental indicators to quantify social impacts and to further the development of social footprints. We provide a case study of the use of social satellite accounts for labour, using multi‐regional input‐output analysis to develop a global inequality footprint for labour embodied in trade, and argue the case for the development of a system of social economic accounts, similar to the System of Environmental‐Economic Accounts adopted by the United Nations Statistical Commission in 2012. This work contributes to the development of social valuation metrics as a means for measuring societal progress and developing sustainability indicators for use in management and decision‐making.