What alternative is there to GDP?
September 8th, 2009
the GDP concept Nobel Prize winning economist Simon Kuznets realised. The welfare of a nation can scarcely be inferred from a measure of national income, he wrote in a 1934 report to the US congress. If the GDP is up, why is America down? Distinctions must be kept in mid between quantity and quality of growth, between costs and returns and between the short and the long run. Goals for more growth should specify more growth of what and for what? GDP measures all economic activity fighting crime …