GDP misleads the mind

MIM is encouraged to see Sarkozy, Joseph Stiglitz and Amartya Sen dump on the overuse of GDP figures. It’s a kind of fetishism MIM has attacked for 25 years.

The dirty secret is that GDP is just whatever people spend money on and as such it has appealing philosophical properties for some, but not us. For us it really does matter if money ends up just spent on anti-migrant fences, tanks, employing people to manufacture banking fees and other forms of paper-shuffling.

Because of the economic crisis, GDP fetishism twists the healthcare discussion at this particular moment much more than usual.

Note:
http://www.nytimes.com/2009/09/23/business/economy/23gdp.html

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