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it's relatively easy to measure, has more-or-less a standard agreed and universal method of measurement and it is quantitative. These are great features, but i
by dfxm12 6y ago
it's relatively easy to measure, has more-or-less a standard agreed and universal method of measurement and it is quantitative.
These are great features, but interestingly absent from this list is whether GDP is accurate and precise as a measure of economic progress.
- tremon 6y agoAnd whether economic progress is a good proxy for societal progress
- rmah 6y agoChanges in GDP can be used a proxy for economic progress. GDP itself is a measure of economic activity. The underlying assumption is that the overall structure of the economy does not change much from one year to the next. Thus, while an increase in GDP is usually analogous to an increase in overall economic well being, one must keep in mind that GDP is NOT a measure economic progress, wealth, income, happiness, well-being, etc.