Saturday, August 08, 2009

GDP and Life

Galbraith wrote about economics years ago, that we were past the point of material need, that we could direct our economic energies to services and other quality of life activities, but the GDP measure has won out, to the ruin of American lives. Objectively, GDP has little or no relationship to quality of life, nor does productivity, in its simple form, although there are material, economic benefits related to the rate of GDP growth. Going further, one might likely find negatives related to GDP, such as more hours worked, but again, this has no benefit to quality of life in the developed world. Not much to say, other than just the facts, although many inobjective cases can be made for the necessity of GDP growth to people's lives. 

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