spot_img

How’s your GDP doing?


The mother of all economic indicators may need a facelift.

Kuznets, who later won a Nobel Prize for his work, was quick to warn that he hadn’t invented the wheel: “The welfare of a nation can scarcely be inferred from a measurement of national income”, he said in 1934, shortly before delivering to the US Congress a whole new way of understanding the Great Depression. GDP had fallen by half, according to his innovative figures.

Today, GDP’s critics are legion, although far from united. Many lament that the aggregate figure tells almost nothing about human wellbeing, a point that even its champions admit, noting also it was never designed to do so.

This content if for our subscribers

Subscribe for 1 year and gain unlimited access to all content on eastwest.eu plus both the digital and the hard copy of the geopolitical magazine

Subscribe now €45

Gain 1 year of unlimited access to only the website and digital magazine

Subscribe now €20

- Advertisement -spot_img

Environmental Sustainability Within Private Companies

Environmental Sustainability Within Private Companies

Singapore: Who Is Lawrence Wong

Brazil Suffers From Climate Change

Xi Jinping: The Trip To Europe

rivista di geopolitica, geopolitica e notizie dal mondo