While all eyes today will be on the headline (“real”) GDP number for the June quarter, released as part of the national accounts, most commentators will once again ignore the much more important data on national income, which will likely register another sizeable fall when measured in per capita terms.
I have explained previously why I believe that real GDP is a rubbish measure of economic well-being (here, here and here), and have argued that “economists’, the media’s, and the Government’s infatuation with GDP is one of the biggest shortcomings in macro-economics”.
