GDP turns 80. Time to retire! | openDemocracy

Back in 1934, Kuznets warned policy makers that, “the welfare of a nation can scarcely be inferred from a measure of national income.” Later he pointed out that it makes no sense to simply seek GDP growth per se. Given that the assessment of a society’s economic goals is key to stir its political and social development, he recommended that each generation should change the way in which progress is measured, “to formulate and reformulate it in response to changing conditions.”

Source: GDP turns 80. Time to retire! | openDemocracy

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