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Brad DeLong's Grasping Reality 2019-12-04 21:34:49

Summary:
Joseph Stiglitz, Martine Durand, and Jean-Paul Fitoussi: Who Are You Going to Believe, Me or the Evidence of Your Own Eyes?: "We need to develop datasets and tools to examine the factors that determine what matters for people and the places in which they live. Having the right set of indicators, and anchoring them in policy, will help close the gap between experts and ordinary people that are at the root of today’s political crisis.... The Stiglitz-Sen-Fitoussi Commission... final report was published in 2009.... The production of goods and services in the market economy–something which GDP does try to capture–is of course a major influence, but even in the limited domain of the market, GDP doesn’t reflect much that is important.  The most used economic indicators concentrate on

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Joseph Stiglitz, Martine Durand, and Jean-Paul Fitoussi: Who Are You Going to Believe, Me or the Evidence of Your Own Eyes?: "We need to develop datasets and tools to examine the factors that determine what matters for people and the places in which they live. Having the right set of indicators, and anchoring them in policy, will help close the gap between experts and ordinary people that are at the root of today’s political crisis.... The Stiglitz-Sen-Fitoussi Commission... final report was published in 2009.... The production of goods and services in the market economy–something which GDP does try to capture–is of course a major influence, but even in the limited domain of the market, GDP doesn’t reflect much that is important.  The most used economic indicators concentrate on averages, and give little or no information on well-being at a more detailed level, for instance how income is distributed.... Economic insecurity today is only one of the risks individuals face.... The Group considered how to better measure the resources needed to ensure economic, environmental and social sustainability...

Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

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