Limitations to GDP as an indicator
For decades, GDP has been seen as the dominant economic indicator. In this series of links I've put together some articles that explore what GDP is, and why it might have only limited value when considering issues like 'development', 'standard of living' and 'environmental sustainability'.
- Where we are in the UK at the moment:
- And what is GDP anyway?
- GDP can be very hard to measure...
- Numerous critics have doubts about what GDP is measuring
- Is a high level of GDP associated with a high standard of living ... or 'happiness', at any rate?
- Happiness is a very difficult concept to make precise measurements of - with critics usually very unimpressed by most 'well being' surveys.
- There are numerous attempts to devise better measures of well being than GDP, especially those that try to incorporate the concept of negative externalities into improved indicators. These include efforts to measure social and natural capital.
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