GDP: Let’s count what really matters – by Jayati Ghosh

Tracking four alternative economic indicators would provide a very different view of comparative performance than GDP.

Despite the well-known problems with using gross domestic product as an indicator of human development, policy-makers around the world still seem obsessed with it. Governments seek to promote GDP growth through all possible means, often regardless of the wider consequences for the planet and the distribution of rewards. The current focus on quarterly growth reflects a particularly unhealthy short-term perspective. And yet the International Monetary Fund and other multilateral organisations refer to GDP in all assessments of economic performance and make it the sole focus of their forecasts.

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