[Marxism] [pen-l] It's time to retire metrics like GDP. They don't measure everything that matters | Joseph Stiglitz | Opinion | The Guardian

Michael Meeropol mameerop at gmail.com
Mon Nov 25 07:01:29 MST 2019


The problem with Stiglitz's point (which is of course correct) is that when
we begin to "change" GDP there is little agreement on what should be added
and what should be taken away -- AND even if THAT agreement occurs there is
even LESS agreement on how to MEASURE what should be added and what should
be taken away ----

This is one of the reasons that Noam Chomsky (for one) argues that
economics is NOT a science at all --- because too many things happen at
once that are HARD to measure and THEREFORE it is easy for quacks and
charlatans (see the supply side economists who insist that tax cuts on rich
people pay for themselves --- see "deficit hawks" who argue that federal
budget deficits bankrupt economies and therefore austerity is a necessity
--- both assertions the equivalence of asserting that the world is FLAT but
still heavily influential in journalism, politics and public opinion) --
easy for quacks and charlatans to still have their say and be respected
(even heavily rewarded) for spewing nonsensical bullshit ....

So -- yes, Stiglitz is right but GOOD LUCK getting acceptable replacements
for GDP as a measure of economic health and well being ....


https://www.theguardian.com/commentisfree/2019/nov/24/metrics-gdp-economic-performance-social-progress
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