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The problem with Stiglitz's point (which is of course correct) is that when we begin to "change" GDP there is little agreement on what should be added and what should be taken away -- AND even if THAT agreement occurs there is even LESS agreement on how to MEASURE what should be added and what should be taken away ---- This is one of the reasons that Noam Chomsky (for one) argues that economics is NOT a science at all --- because too many things happen at once that are HARD to measure and THEREFORE it is easy for quacks and charlatans (see the supply side economists who insist that tax cuts on rich people pay for themselves --- see "deficit hawks" who argue that federal budget deficits bankrupt economies and therefore austerity is a necessity --- both assertions the equivalence of asserting that the world is FLAT but still heavily influential in journalism, politics and public opinion) -- easy for quacks and charlatans to still have their say and be respected (even heavily rewarded) for spewing nonsensical bullshit .... So -- yes, Stiglitz is right but GOOD LUCK getting acceptable replacements for GDP as a measure of economic health and well being .... https://www.theguardian.com/commentisfree/2019/nov/24/metrics-gdp-economic-performance-social-progress > > -- > _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: https://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
