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 and
- How to gauge progress better.
About the Author
Loes Witschge is head of digital at Delayed Gratification, the quarterly magazine from Slow Journalism.