Don’t be fooled by Australia’s GDP growth – buying more things is not a good measure of our welfare | Jessica Mizrahi
by Jessica Mizrahi from Economics | The Guardian on (#5SEQJ)
Using GDP to assess wellbeing is a flawed view which has led us to narrow, short-term decision-making
Gross domestic product as a measure of welfare is like exam results as a measure of intelligence. Neither is especially good. However both are widely cited and heavily relied upon.
Why? They're not great - but they're the best we've got.
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