The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
There are at least five purely economic macro-level goals ... full employment, moderately low inflation, high standard of living, improving standard of living, and sustainable external relations.
The idea that any one metric can encompass all five ... indeed, that any one metric can inform us about any one ... is laughable.
Most of the "critique of GDP" is criticizing one quite important number for being unable to do what no single number can do. And of course, framing the question as "what is the right metric" ensures that the question is never answered satisfactorily, because every single other metric will indicate something about something less well than GDP does, so it will not be "unambiguously superior".
Current dollar value of newly produced goods and services is something we need to keep track of. Modifying it to try to accomplish the impossible is like looking for an alloy with mercury that does a better job of turning lead into gold than pure mercury does. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by Frank Schnittger - Feb 23 7 comments
by Oui - Feb 22 8 comments
by Frank Schnittger - Feb 20 2 comments
by gmoke - Feb 14 2 comments
by Frank Schnittger - Feb 19 13 comments
by Frank Schnittger - Feb 15 23 comments
by Frank Schnittger - Feb 14 13 comments
by Oui - Feb 17 33 comments
by Oui - Feb 25
by Frank Schnittger - Feb 237 comments
by Oui - Feb 228 comments
by Frank Schnittger - Feb 202 comments
by Oui - Feb 2018 comments
by Frank Schnittger - Feb 1913 comments
by Oui - Feb 195 comments
by Oui - Feb 18
by Oui - Feb 1733 comments
by Oui - Feb 168 comments
by Frank Schnittger - Feb 1523 comments
by gmoke - Feb 142 comments
by Frank Schnittger - Feb 1413 comments
by Oui - Feb 144 comments
by Oui - Feb 1238 comments
by Oui - Feb 774 comments
by Oui - Feb 665 comments
by Frank Schnittger - Feb 518 comments
by Frank Schnittger - Feb 412 comments
by Oui - Feb 136 comments