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You are right but for the wrong reason. This is why measures like GDP are just silly. Because you can have most of the population starving, while posting econom
by mempko 3y ago
You are right but for the wrong reason. This is why measures like GDP are just silly. Because you can have most of the population starving, while posting economic growth.
The LtG is measuring growth as resource use. So you are comparing apples to oranges. Who cares if GDP is rising if people are getting more hungry or dying in the streets?
- cornholio 3y agoPeople don't generally starve in countries with high GDP - when they do, it's a distributional problem and a flawed social system at work. If we define GDP as the totality of transactions people are willing to make, then an inflation adjusted growth means that the average citizen will enter more transaction of a higher subjective value. Therefore (again, assuming inflation and the price of basic necessities is controlled for) it stands to reason more of those transactions will be directed towards the basic necessities. So, generally, higher GDP means fewer people starving, with the distributional and inflation caveats mentioned.
- deleted 3y ago[deleted]