Thursday , February 27 2020
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Think hard before ditching GDP

Summary:
Vint Cerf has become the latest public figure to bash Gross Domestic Product’s dominance as a measure of economic prosperity, via this Wired article: Strictly defined, GDP is the sum of market values, or prices, of all final goods and services produced in an economy during a period of time. While that sounds comprehensive, the measure does not capture the level of pro bono work that pervades many societies, by homemakers whose unpaid labour is an integral part of most functional societies, and non-profit organisations whose work also contributes to the benefit of society.Moreover, GDP does not capture the many negative effects of some economic activities such as pollution, including carbon dioxide and other greenhouse gases. Their consequences should be factored into any measure of

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