Best New Ideas in Money: To boost the economy, let’s first change how we measure the economy

Gross domestic product, the total value of a country’s goods and services, was a barely adequate tool for measuring the U.S. economy of the 20th century.

GDP has now become obsolete and needs to be upgraded for the needs of our time. It was never a great measure of national well-being in the first place, and now it’s falling down as a measure of economic strength.

We need a more honest accounting of how the economy is working for people. We need data not only on aggregate supply and demand, but also information on activity that takes place outside of the traditional markets that GDP concentrates on.

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