MetaFilter posts tagged with gdp

Our Phony Economy.

chunking express — Tue, 12 Aug 2008 07:57:13 -0800

The purpose of an economy is to meet human needs in such a way that life becomes in some respect richer and better in the process. It is not simply to produce a lot of stuff. Stuff is a means, not an end. Yet current modes of economic measurement focus almost entirely on means. For example, an automobile is productive if it produces transportation. But today we look only at the cars produced per hour worked. More cars can mean more traffic and therefore a transportation system that is less productive. The medical system is the same. The aim should be healthy people, not the sale of more medical services and drugs. Now, however, we assess the economic contribution of the medical system on the basis of treatments rather than results. Economists see nothing wrong with this. They see no problem that the medical system is expected to produce 30 to 40 percent of new jobs over the next thirty years. “We have to spend our money on something,” shrugged a Stanford economist to the New York Times. This is more insanity. Next we will be hearing about “disease-led recovery.” To stimulate the economy we will have to encourage people to be sick so that the economy can be well.

Are US Inflation and Employment Underestimated?

salvia — Mon, 05 May 2008 07:55:16 -0800

"Hard Numbers: The Economy is Worse than You Know" [full article for Harper's subscribers, a different abridged version] discusses how the Consumer Price Index and other US economic statistics have been manipulated over time. Among other things, the article claims, these changes make Social Security checks 70% lower than they would otherwise be. According to Barry Ritholtz of the Big Picture blog, "the longstanding official myth that [US] inflation is modest and contained is starting to be recognized for the fraud that it is." He believes that these bad statistics give false answers to even bigger questions, like "are we in a recession?" A New York Times graphic shows what's in this basket of consumer prices, which prices are going up, and which are not. To learn more about what's not counted, visit Shadow Government Statistics, which tracks (for subscribers) what inflation would be under earlier formulas. (Previously.)

The Happy Planet Index: a Better Way to Measure Well-Being?

shivohum — Sun, 03 Jun 2007 09:00:33 -0800

The Happy Planet Index presents an alternative to GDP for measuring standard of living. It ranks countries by measuring life expectancy and self-reported life satisfaction against an "ecological footprint" needed to support that country's lifestyle. The press release claims that well-being is not based on high levels of consumption, but many don't agree. Full report in PDF here. Vanuatu tops the charts, while Zimbabwe and Swaziland lie at bottom. Critiques here, here, here, and here. A critique of happiness indices generally here.

Worldwide GDP per Sq. Kilometer

jonson — Sat, 13 Jan 2007 19:33:26 -0800

GDP per square kilometer (jpg), via.

Is the U.S. Bankrupt?

ikkyu2 — Sun, 16 Jul 2006 20:34:26 -0800

Is the U.S. Bankrupt? [332Kb PDF] Laurence Kotlikoff, writing in this month's Federal Reserve Bank of St. Louis Review, says "yes" - to the tune of $66 trillion! [more inside]

GDP? GNH? GPI?

mkultra — Tue, 04 Oct 2005 08:21:56 -0800

How happy are you? Today's NYT has a great article on alternate methods of analyzing the overall well-being of a country, focusing on Bhutan, the largely Buddhist country whose king put forth an alternative to the capitalist-centric Gross Domestic Product: Gross National Happiness. Not only does it fit in with Buddhist ideals, but organizations like the World Values Survey have come to some (not-so) surprising findings regarding the correlation between wealth and happiness. There are similar movements cropping up around the world, such as Australia's Genuine Progress Indicator, which attempts to quantify non-material progress rather than rely on subjective interpretations of happiness. How do you measure your own happiness?

Game Theories: Are these virtual worlds the best place to study the real one?

hoder — Mon, 17 May 2004 05:38:40 -0800

Game Theories: Are these virtual worlds the best place to study the real one? The Gross National Product of EverQuest, measured by how much wealth all the players together created in a single year inside the game. It turned out to be $2,266 U.S. per capita. By World Bank rankings, that made EverQuest richer than India, Bulgaria, or China, and nearly as wealthy as Russia. (by Clive Thompson)

msacheson — Fri, 15 Jun 2001 11:43:29 -0800

Vive la California! France passed by California in rankings of world economies.