GDP is the wrong tool for measuring what matters (2020)
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GDP is the wrong tool for measuring what matters (2020)
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Re: GDP is the wrong tool for measuring what matters (2020)
#2What matters is spending time with your loved ones. And it is measured in hours or days.
Re: GDP is the wrong tool for measuring what matters (2020)
#3What matters is spending time with your loved ones. And it is measured in hours or days.
Not the only thing that matters? Ability to make useful actions - heal, entertain, teach etc. - they all imply resource spending, in addition to time, so shouldn't it be reflected?
Re: GDP is the wrong tool for measuring what matters (2020)
#4With GDP it's better to have it and not need it
Re: GDP is the wrong tool for measuring what matters (2020)
#5What matters is spending time with your loved ones. And it is measured in hours or days.
A healthy economy is needed for people to be able to spend time with loved ones. People who have to work double shifts or can't make ends meet end up missing out on a lot of family time.
Re: GDP is the wrong tool for measuring what matters (2020)
#6The trouble with that logic is that there's a huge correlation between happiness (https://worldpopulationreview.com/country-rankings/happiest-...) and GDP per capita.
Re: GDP is the wrong tool for measuring what matters (2020)
#7The Gross National Happiness index of Bhutan has been in place for 15 years. Maybe there’s something we can borrow from there.
Gross National Happiness (GNH), sometimes called Gross Domestic Happiness (GDH), is a philosophy that guides the government of Bhutan. It includes an index which is used to measure the collective happiness and well-being of a population. Gross National Happiness Index is instituted as the goal of the government of Bhutan in the Constitution of Bhutan, enacted on 18 July 2008.
Re: GDP is the wrong tool for measuring what matters (2020)
#8The trouble with that logic is that there's a huge correlation between happiness ( https://worldpopulationreview.com/country-rankings/happiest-... ) and GDP per capita.
There have been several studies on this. For example this new article. [0]
[0] https://www.cbsnews.com/news/money-happiness-study-daniel-ka...
Re: GDP is the wrong tool for measuring what matters (2020)
#9Australia tracks four or five different GDP calculations, then uses the average result as the GDP they report to everyone.
Every other country uses different calculations for GDP.
It is not a reliable indicator of anything if everyone is using different calculations.
Re: GDP is the wrong tool for measuring what matters (2020)
#10The trouble with that logic is that there's a huge correlation between happiness ( https://worldpopulationreview.com/country-rankings/happiest-... ) and GDP per capita.
This is a good example of correlation not being causation. GDP is really just a measure of activity within a framework to measure it. It has nothing constructive to say about the real value of the activity, just that it is happening as measured in a currency.
Besides, the inventor of GDP warned against using it as a measure for policy making, but as with many things in human affairs, oversimplified things that give an impression that helps manipulative people is just run with, regardless of the insanity of it.
BMI is another good example of not only a useless, but even more damaging and dumb fake metric.