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10-12-2009 5:43 PM
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Socratoad says:
"GDP has increasingly become used as a measure of societal well-being and changes in the structure of the economy and our society have made it an increasingly poor one," Stiglitz told the news agency Bloomberg in a recent interview. "So many things that are important to individuals are not included in GDP." In the model they unveiled last week in Paris, the academics recommend including other factors, such as sustainability and education.

Significant Shortcomings

Even the inventor of the gross domestic product measure, the late Russian-American economist Simon Kuznets, was aware that the classic method of computing GDP had significant shortcomings. "The welfare of a nation can scarcely be inferred from a measure of national income," he said in 1934.

This is because the growth rate says nothing about the distribution of wealth in a country, the state of health of its citizens or their life expectancy. The number provides no information about the cleanliness of rivers or the amo
3 Comments   | Add a Comment
10-13-2009 1:37 AM
celestialdancer
Socratoad the King of Bhutan read from 2008

Bhutan crowns a new King
The
United States was not the only country to name a new leader this week.
In Bhutan, an insular nation of about 600,000 people located high in
the Himalayas, a new king was crowned. 28-year-old Jigme Khesar Namgyel
Wangchuck, an Oxford-educated bachelor, was crowned as Bhutan's fifth
king - now the world's youngest reigning monarch. Bhutan also has the
distinction of being the world's youngest democracy - having held
parliamentary elections last March for the first time ever. The young
ruler vows to maintain a stance of protection against the worst aspects
of globalization, maintaining the "Gross Na...
read more»
10-14-2009 8:22 AM
Socratoad
Very very interesting celestialdancer, thank you very much.
10-14-2009 8:25 AM
Socratoad
"number one nation then???"

Yes indeed
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