Mismeasuring Our Lives: Why GDP Doesn't Add Up

Mismeasuring Our Lives: Why GDP Doesn't Add Up

Joseph E. Stiglitz

In February of 2008, amid the looming international monetary concern, President Nicolas Sarkozy of France requested Nobel Prize–winning economists Joseph Stiglitz and Amartya Sen, besides the prestigious French economist Jean Paul Fitoussi, to set up a fee of major economists to review even if Gross family Product (GDP)—the most generally used degree of financial activity—is a competent indicator of financial and social development. The fee was once given the additional job of laying out an time table for constructing greater measures.

Mismeasuring Our Lives is the results of this significant highbrow attempt, one with urgent relevance for a person engaged in assessing how and even if our economic climate is serving the wishes of our society. The authors provide a sweeping overview of the boundaries of GDP as a size of the future health of societies—considering, for instance, how GDP overlooks fiscal inequality (with the outcome that the majority humans may be worse off even supposing normal source of revenue is increasing); and doesn't issue environmental affects into monetary decisions.

In position of GDP, Mismeasuring Our Lives introduces a daring new array of recommendations, from sustainable measures of monetary welfare, to measures of discounts and wealth, to a “green GDP.” At a time while policymakers world wide are grappling with remarkable international monetary and environmental concerns, this is a necessary advisor to measuring the issues that matter.

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