Stiglitz Wants a Measure Of Well-Being to Replace GDP Fetishism

Sunday, August 08, 2010

If there were just more voices of reason like that of Nobel laureate Joseph Stiglitz. In a presentation from July 29 delivered in Melbourne, Stiglitz attacks the concept of GDP being a measure of the well-being of a nation as it was not intended to fill this role.
As GDP is basically a measure of what a nation spends, not what it produces, I've always had my problems.
What would US GDP look like without military spending? What would the global economy look like without military spending? This money could be much better used in education. Smart people talk, they do not go to war.


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