It’s time to dump the GDP obsession

Ross Gittins has joined the growing band of economists questioning the merits of  GDP as the key economic measure of progress:

GDP is the most closely watched bottom line of the “national accounts” for the Australian economy…

The critics are right to point out the many respects in which GDP falls short as a measure of human wellbeing. But, though it’s true many people treat GDP as though it is such a measure, it was never designed to be used as such.

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