A Modest Challenge to GDP Reforms

Mitsuhiko Iyoda

World Economics, 2019, vol. 20, issue 2, 33-54

Abstract: This paper explores the importance and possibility of GDP reform by examining the weaknesses of the current GDP concept. The GDP concept itself involves flawed metrics; there are more effective measures of economic and societal well-being. Here we limit our argument to economic well-being. The weaknesses of GDP can be broadly divided into two primary categories: market workability and the GDP framework. We present four types of GDP reform, among which, we consider further, is a modest improvement on current GDP. If not dealt with, the misleading aspects of GDP are likely to produce a misguided economic growth strategy and reduce the likelihood of a ‘positive sum' result.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:wej:wldecn:742

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