Former SMU prof tries to find a better way “
The GDP is a leftover from the Second World War. Even when it was first introduced by Allied war planners, it was thought to be a crude indicator of a nation's welfare. But given that most of the activity it was designed to measure was being channelled in one direction— winning the war—it was sufficient, perhaps even vital, in the final victory over the Axis powers.
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Over the last five decades however, it has become an end unto itself. Conventional wisdom holds that if GDP grows, we all should benefit.
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