Wednesday, July 26, Book Review: GDP is a mental construct, and is the result of somewhat arbitrary decisions. The book discusses the history of the idea, tied in with economic history as well as the history of economics.
Nov 4, Edoardo Campanella Like many great inventions, gross domestic product has been used in ways that its creators never intended and might not approve. Given that it misses so much that contributes to human wellbeing — and excludes even more — why do we continue to rely on it as our primary welfare indicator?
MILAN — In a year of populist discontent across the West and narrowing prospects for major emerging economies, the future may end up being shaped in an unlikely setting: Among ordinary people and specialists alike, there seems to be an increasingly powerful sense of dissatisfaction not only with the pace of economic growth, but with how that growth is defined and measured.
There are two reasons for this. First, aggregate economic growth in the developed world has brought little, if any, benefit to the vast majority of citizens in recent decades — a trend that has been particularly pronounced against the backdrop of the global financial crisis.
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After entering your email, you'll have access to two free articles every month. For unlimited access to Project Syndicate, subscribe now.“It began with the $ billion stimulus plan, and then Cash for Clunkers, bailouts, Obamacare, tax hikes on the rich, minimum-wage hikes, and a wave of financial and economic regulation.
The probability of reporting the highest level of life satisfaction is more than 12% lower in the poor countries with a per capita GDP below 5, USD than in the counties with a per capita GDP .
The mean differences of BMI-H between the high and low GDP growth rate groups (high-low) were, by GDP strata, as follows: % in the high GDP group, % in the middle GDP group, and % in the low GDP .
Oct 15, · The U.S. economy is expanding at a 4 percent annualized rate in the third quarter, the Atlanta Federal Reserve’s GDPNow forecast model showed on Monday, following the release of the latest data on retail sales. Aug 01, · Growth in gross domestic product is an obviously flawed measure of a president’s economic record.
Presidents often inherit good times or bad . Real gross domestic product (GDP) increased percent in the second quarter of , according to the “third” estimate released by the Bureau of Economic Analysis.