Even the architect of GDP back in the 1930s recognized that an aggregate measure of market-based activities would be insufficient for assessing economic welfare. Now that digitalization and other forces are compounding the long-standing flaws of this canonical metric, there is no alternative to finding alternatives.
LONDON – “Not everything that counts can be counted, and not everything that can be counted counts.” This old adage is particularly pertinent as we look ahead to 2020 and beyond. Part of the popular backlash against political and business elites may simply be that people feel the elites are not really focused on what matters to them. But while the single-minded obsession with maximizing market output and profits is being challenged, a more meaningful replacement is not yet in clear view.
LONDON – “Not everything that counts can be counted, and not everything that can be counted counts.” This old adage is particularly pertinent as we look ahead to 2020 and beyond. Part of the popular backlash against political and business elites may simply be that people feel the elites are not really focused on what matters to them. But while the single-minded obsession with maximizing market output and profits is being challenged, a more meaningful replacement is not yet in clear view.