Two Important Points on GDP and Economic Growth
In his latest Financial Times column, “Undercover Economist” Tim Harford reminds us of two important points about GDP per capita and economic growth: they are not a measure of welfare (think about Middle East oil plutocracies), but they are highly correlated with individual welfare. Individual welfare is of course the only thing we should, or even can, be concerned with. While voicing some proper caveats, Harford expresses the two important points as follows (“Liz Truss’s Growth Delusion,” September 30... Читать дальше...