this post was submitted on 12 Feb 2024
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And that is why GDP is such a badly flawed metric and why we should not use it as the one and only way to measure progress.
GDP just says how well a country is doing and is a good summarization for how imports and exports are doing. However, it also takes into account military spending and real estate, so you could argue the GDP can be inflated via those two measures (to a degree) to look better.
Consumer Price Index does a better job of showing how well the economy is doing for its citizenry.
It doesn’t show how well a country is doing, because GDP is not a direct measure of aggregate utility. For example: GDP can go up, but if it causes the Gini coefficient to rise, a country could be doing much worse than before.