The 2007 economic crisis and the lingering stagnation it wrought has led economists, philosophers and policymakers to a profound rethinking of how we measure economic performance and social progress. As Joseph E. Stiglitz, Amartya Sen and Jean-Paul Fitoussi write in the forward to their book,...
Yesterday, Jared Bernstein and Dean Baker wrote about the new changes in how the Bureau of Economic Affairs calculates GDP. In short, as Bernstein and Baker explain: Now there is a new category in the quarterly G.D.P. reports called “intellectual property products,” including “entertainment...
When you think about the problems with GDP, it’s likely you don’t think about Lady Gaga. But, in fact, how her work is captured and valued by national economic indicators is relevant to the beyond GDP conversation. We’ve written continuously about how GDP is not a complete measure of our economic...
Contrary to most analysts’ predictions GDP actually declined last quarter by 0.1 percent, according to the BLS estimates. A decline in GDP generally indicates a contraction in the economy, but is that what’s really going on? One of the main reasons GDP declined was a 22 percent decrease...
Tomorrow’s fourth quarter GDP release will likely show a growth rate of around 1.1. percent, a substantial slowdown from the third quarter rate of 3.1 percent. Economists will report that this means the economic growth is slowing. Yet, as we ask continually, what is actually being measured by GDP?...
This Explainer explores how the Gross Domestic Product (GDP) is used in measuring our economic growth and whether alternative measures are also needed to provide a more comprehensive outlook of economic progress. What is GDP and How Is It Used? GDP measures the output of goods and services...
The newest GDP release shows an increase of 1.5 percent in the second quarter of 2012, down from a 1.9 percent growth in the first quarter and three percent growth in 2011. But, as we continually ask in our Beyond GDP work: What exactly is GDP measuring? As we’ve highlighted, GDP doesn...
Last week Vermont lawmakers passed groundbreaking legislation establishing a Genuine Progress Indicator (GPI) for the state. Vermont's Governor, Peter Shumlin, signed the bill this week, adding momentum to a national and global movement for going Beyond GDP in the metrics we use for...
Tamara Draut, Vice President for Policy and Programs at Demos, appeared on "Up with Chris Hayes" on MSNBC, explaining that GDP has painted an incomplete picture of America for decades.
When you look closer at what is happening in our society, it is clear that GDP growth has failed to deliver. For example, while GDP roughly doubled between 1980 and 2007, the distribution of all that money has left us more unequal today than at any time since the 1920s. GDP, in other words, tells...