Why GDP?

From project-syndicate.org

Gross domestic product is the most powerful metric in history. The US Commerce Department calls it “one of the great inventions of the twentieth century.” But its utility and persistence reflect political realities, not economic considerations. Most of us understand GDP as the measure of a country’s economic output, expressed as a single monetary value. But it’s more than that. GDP, and how fast it is growing, is the universal indicator of development, wellbeing, and geopolitical strength. Positive GDP growth is every government’s goal. Vladimir Putin The Putin Question Anders Åslund breaks down the views ... (full story)