I think there is a fundamental problem with this scheme.

The measures of value, e.g. progress, are relative to the values of the society or governing body of the society. This approach has the tendency to make slaves of men who don't share those values, or don't believe in expressing or achieving them in the same way. Tyranny is the inevitable result.

That's why an objective standard, like gold, is most desirable. It's real, it doesn't change its nature based on the beliefs or objectives of the day. How men feel about it may change; but when that happens men will find another objective standard of value.

Objective standards of value are what enable men to deal with one another honestly.