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The inventor of GDP Simon Kuznets never intended it to be an all-purpose measure of the economy.

The inventor of GDP Simon Kuznets never intended it to be an all-purpose measure of the economy. https://www.ucl.ac.uk/news/2021/oct/opinion-beyond-gdp-heres-better-way-measure-peoples-prosperity Simon Kuznets declared in 1934 that “the welfare of a nation can scarcely be inferred from a measurement of national income” Kuznets developed GDP as a means of measuring the impact of the great depression. It enabled governments to track any increase or decrease in their nation’s wealth as represented by the value of goods and services produced, and became increasingly important as governments estimated the cost of waging the second world war.. It was intended to monitor the Depression and war time economies. Not be the all purpose measuring stick for all economic activities and human welfare/ It’s funny how people now worship GDP and treat it as the most important thing when it's own creator said “no it's not”


The inventor of GDP Simon Kuznets never intended it to be an all-purpose measure of the economy.

https://www.ucl.ac.uk/news/2021/oct/opinion-beyond-gdp-heres-better-way-measure-peoples-prosperity

Simon Kuznets declared in 1934 that “the welfare of a nation can scarcely be inferred from a measurement of national income”

Kuznets developed GDP as a means of measuring the impact of the great depression. It enabled governments to track any increase or decrease in their nation’s wealth as represented by the value of goods and services produced, and became increasingly important as governments estimated the cost of waging the second world war..

It was intended to monitor the Depression and war time economies. Not be the all purpose measuring stick for all economic activities and human welfare/

It’s funny how people now worship GDP and treat it as the most important thing when it's own creator said “no it's not”

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