RE: RE: 'Everything Is Not Fine': Nobel Economist Calls on Humanity to End Obsession With GDP. "If we measure the wrong thing," warns Joseph Stiglitz, "we will do the wrong thing."
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RE: 'Everything Is Not Fine': Nobel Economist Calls on Humanity to End Obsession With GDP. "If we measure the wrong thing," warns Joseph Stiglitz, "we will do the wrong thing."

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"Economic welfare cannot be adequately measured unless the personal distribution of income is known. And no income measurement undertakes to estimate the reverse side of income, that is, the intensity and unpleasantness of effort going into the earning of income. The welfare of a nation can, therefore, scarcely be inferred from a measurement of national income as defined above."

  • Simon Kuznets, inventor of modern GDP measure
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