Is GDP An Obsolete Measure of Progress? Time Online

Posted on August 25, 2011


An article by Judith D. Schwartz 

Since last summer the nation’s Gross Domestic Product (GDP) has gone up — indeed, it grew at a surprising 5.7% rate in the 4th quarter — seeming to confirm what we’ve been hearing: the recession is officially over. But wait — foreclosure and unemployment rates remain high, and food banks are seeing record demand. Could it be that the GDP, that gold standard of economic data, might not be the best way to gauge a nation’s relative prosperity? … [Read more….]

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