Gross domestic product (GDP) is an inadequate measure of society’s progress. But what will replace it?
Gross domestic product (GDP) has long been the go-to statistic for assessing a country’s economic achievement. In recent years, however, many economists have grown critical of the metric’s ability to take an accurate pulse of society’s well-being. They have sought to develop more comprehensive indices, particularly ones that gauge citizens’ well-being instead of production. getAbstract recommends freelance journalist Loes Witschge’s clear, concise and jargon-free navigation of this important economic concept to anyone seeking more nuanced and holistic ways to measure a society’s well-being.
In this summary, you will learn
- How gross domestic product (GDP) became the go-to measure of economic achievement
- Why the GDP metric is flawed
- How to gauge progress better
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