August 10, 2009
“When you’re feeling a little chilly in your living room, you don’t hold a match to a thermometer and then claim that the room has gotten warmer. But that’s what we do when we seek to improve economic well-being by prodding G.D.P.”
“G.D.P. R.I.P.” is the title of Eric Zencey Op-Ed in the NYTimes contemplating the adequacy of G.D.P. as a measure of the economy. Through a series of counterintuitive examples, he argues that G.D.P. measures economic activity but not over all benefit or contribution to quality of life.