GDP is a bad gauge of material well-being. Time for a fresh approach
Read the full article at: www.economist.com
GDP has never been a good measure of standard of living because it was always intended as a “gross” measure, not a benchmark that includes things like quality of life enhancements like parks and intangibles like intellectual property. Manipulation of GDP though changes in methodology is not uncommon. This article provides suggestions as to how to move to the next level of indicator and creation of benchmarks.