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GDP Faces Backlash

This is a US news story, published by Shout Out UK, that relates primarily to Latino news.

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measured GDP

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Money Talks: Is it Time to Admit GDP is Outdated and Biased?

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Since the 1940s , Gross Domestic Product has been the main tool for measuring the size of economies across the world.

But it’s also undeniable that GDP has become increasingly outdated and has numerous limitations.

One of the main limitations of GDP is that it neglects to factor our toll on the planet.

The Happy Planet Index ( HPI ) places huge importance on human well-being and the different factors which affect it, from health and happiness to crime rates.

The US ’ GDP currently stands at $25 trillion , but this negates the deeply unequal distribution of its wealth.

It ignores the fact that around 40 million people are in poverty, most of whom are black and Latino families who have not felt the benefits of America ’s rising GDP the way its 800 billionaires have.

GDP is a flawed measure because it doesn’t include the unpaid work undertaken in the domestic sphere.

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External references

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