Monday, December 21, 2009

Cult of GDP

On the Commons:
When the GDP goes up the media cheers. Economists assume that more expenditure means a better life. This does not speak well for the perceptual capacities of that profession.

We spend a great deal of money when we have cancer, or a car wreck, or go through a bitter divorce, or rack up credit card debt. These all make the GDP rise. They mean life is getting better? Sheeesh.

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