It's time to abolish the GDP

It's time to abolish the GDP

There are 2 comments on the The Washington Post story from Jun 5, 2014, titled It's time to abolish the GDP. In it, The Washington Post reports that:

Imagine this: your state is thinking about building a new coal plant. Gross domestic product measures how much money that project would produce.

Join the discussion below, or Read more at The Washington Post.

“Come Home America!”

Since: Nov 11

Claymont, Delaware 19809

#1 Jun 8, 2014
We haven't even started the discussion on going Beyond GDP where people matter and relations grow.

"On a basic accounting level, GDP measures haven’t historically reported the costs of doing business in areas like the environment or employee wellbeing. And in a world of finite resources, where potable water or the amount of stress a worker can handle have limits, businesses and lawmakers alike are beginning to recognize the urgent need to move beyond GDP metrics to better measure what matters in our world and lives.

These new metrics and a focus on pragmatic change were the primary themes of the recent Happiness and Wellbeing Conference held in Burlington, Vermont last week. Subtitled “building a national movement”, the event featured dozens of scientists, lawmakers, psychologists, economists and statisticians all focused on how to foster metrics that better measure the full breadth of citizen wellbeing beyond a primary focus on wealth." ...“GPI is basic double-entry bookkeeping.” Eric Zencey is a fellow of the Gund Institute for Ecological Economics and coordinator of the Vermont GPI Project. As he noted:“Any business person knows you have to deduct costs of producing benefits from the value of the benefits you produce—you have to look at net, not gross. Under GPI, policy makers will have to establish regulatory, licensing and taxation regimes that require companies to cover these costs instead of continuing to let companies impose them as an unlegislated tax on the populace as a whole.” http://www.theguardian.com/sustainable-busine...

“Come Home America!”

Since: Nov 11

Claymont, Delaware 19809

#2 Jun 8, 2014
I just saw this Jared Bernstein article in Talking Points Memo. Is V.P Joseph Biden 's former top economic adviser advocating U S Government national GPI standards now? "Surely part of solving the inequality problem will require reducing the outsized political power of those with the most resources (and to be clear, I’m arguing that their usual dominance is highly amplified and uniquely unopposed in our current politics). If I’m right about the role of economics today in supporting capital and opposing labor, then part of winning that fight requires a new economics that encompasses a much broader scope of human and societal well-being, that more readily sees market failures, more accurately gauges and fairly judges reactions to policy changes, and places a much heavier weight on shared prosperity, and not solely through redistribution, but through market outcomes.

As another Thomas—Pynchon—said:“If they can get you asking the wrong questions, they don’t have to worry about answers.” Progressives have all kinds of ideas to shape a more equitable primary distribution. But those ideas will never get much oxygen if we remain voluntary trapped in the cramped debate of a short-sighted economics." http://talkingpointsmemo.com/cafe/why-is-capi... #BeyondGDP #USClimatePlan

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