GDP leads to an obsession with nominal GDP as a measure of growth = good. Not necessarily. Growth doesn't necessarily imply either increased capital formation or a higher standard of living.
Thankfully, the ABS is developing new ways of measuring Australia’s progress, which includes a bunch of qualitative factors such as health, safety, equality, etc. Let’s hope that it gains greater prominence amongst commentators and policy makers.Macrobusiness
GDP is rubbish!
Unconventional Economist
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