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One could argue GDP measures the degree of financialization of a society more than it measures the presence or absense of abundance.
by PeterStuer 3y ago
One could argue GDP measures the degree of financialization of a society more than it measures the presence or absense of abundance.
- ethanbond 3y agoIn fact, Kusnetz the actual inventor of the modern GDP measure said something similar: “ Economic welfare cannot be adequately measured unless the personal distribution of income is known. And no income measurement undertakes to estimate the reverse side of income, that is, the intensity and unpleasantness of effort going into the earning of income. The welfare of a nation can, therefore, scarcely be inferred from a measurement of national income as defined above.”