Friday, October 16, 2009

Is There an Alternative to GDP?

Gross Domestic Product, which measures the value of goods and services produced or provided in any given year, is the best-recognized measure of economic performance in the world. For many, a rise in economic growth - as measured by GDP is shorthand for a rise in living standards and an increase in well-being.

However, GDP has severe limitations as a human development indicator, as even one of the founders of the GDP concept Nobel Prize winning economist Simon Kuznets realized.

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