Contrary to most economists today, gross domestic product is a measure of total output and a measure of economic welfare. But for reasons articulated by astute analysts a few generations ago, it is a poor measure that relies on a host of dubious assumptions.
Gross Domestic Product—an Index of Economic Welfare or a Meaningless Metric?
By Robert Higgs
This
article
appeared in
the Summer 2015 issue of The Independent Review.
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(5 pages)
| Other Independent Review articles by Robert Higgs | ||
| Fall 2019 | Pressure-Release Valves in Participatory Fascism | |
| Winter 2018/19 | Two Worlds: Politics and Everything Else | |
| Fall 2018 | Against the Whole Concept and Construction of the Balance of International Payments | |
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