Joseph Stiglitz – Problems with GDP as an Economic Barometer
Complete video at: fora.tv Nobel Prize-winning economist Joseph Stiglitz proposes alternatives to Gross Domestic Product (GDP) as a measurement of national economic success. —– Nobel Prize-winning economist Joseph Stiglitz (“Globalization and Its Discontents”) talks about his new concept of economics, “The Economics of Information,” and his latest book, “Making Globalization Work” – Asia Society Joseph Stiglitz was chief economist at the World Bank until January 2000. Before that he was the chairman of President Clinton’s Council of Economic Advisers. He was awarded the Nobel Prize in economics in 2001. He is currently a finance and economics professor at Columbia University. He is the author of Globalization and Its Discontents and The Roaring Nineties.
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Filed under: Gross Domestic Product
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Stiglitz wisely points out that the median person is an important factor to take in regard. One of the first causes of the recession was that the cost of living was going up, but median income was staying the same.
All in all GDP was still an untelling indicator at that point.
I agree that the GDP doesn’t measure economic growth at all. As an Austrian Schooler, I would have a disagreement with him on his rationale, however. I would redact it slightly. If the GDP truly measured economic growth, this would have to be a good thing for the median person. The problem, then, is that the GDP doesn’t really measure economic growth. It can go up, but we can be getting poorer.
Stiglitz is the greatest economists of the present day, and everyone should read his stuff, Making Globalization Work and Globalization and its discontents are both very good.
We should subtract gov. spending on entitlement programs from the GDP calculation.
Little by little, the look of the country changes with the men we choose to admire. . .
(This quote describes both our recent decline -and- our current attempt to restructure our leadership.)
First we restructure the House – then –
the Senate.
Search & Watch from12/20/09
Tim Cox Founder GOOOH Get Out Of Our House – Fox And Friends
GOOOH (Get Out Of Our House!!)
Does anyone seriously look at GDP as a barometer of “the economy at large”?
Like from the leftist hippie to the most right-wing neocon I don’t recall ever meeting anyone and having them cite GDP for success.
yeah, its an old truism as far as even my dad can remember; when some gets cancer, the gdp goes up etc etc.
Until the majority of people in the U.S. even know what the Austrian School is.. it wont get better.
I don’t think anyone ever “only looked at GDP.”
And Stig’s statement about “cutting down forests” is a suspect. In some economies, that action may indeed be detrimental.
But in others, it would not.
Stiglitz is the man
Listening to Stiglitz is a lot more enjoyable than listening to Krugman.
take ur left hand out of ur cock mate
Electronic account system,
GDP projection and graphing,
BR-0 com/accounts htm
without .’s or link off my page
cheaz m8 xxx
GDP is the most common way to measure the economy. fact! As you have heard it is deeply flawed!
He made a catastrophc squeeky sound at around 4:30.
@masflojo
couldn’t agree more, mises and hayek are some of the most under appreciated economists.
It’s too difficult to measure green GDP..
What’s the more valuable?
A national park in France, or a cultivated land(vineyaerd)?
A beautiful grassland in Czech Republic, or a forest instead of that (which was planted to chop down after 50years)?
I don’t know the answers..
^ I guess i’m the only one who watched this for homework… ^
GDP stands for Growth Destroys Paradise.
Professor Stiglitz sets up a nice straw man in saying that GDP is not a good indicator of economic health. Economies are much more complex than just GDP, but as a snapshot of “right now” GDP is an adequate measure.
you’re not the only one!
i dont hear it!
At 4:24.
@RandomConcepts: Gross Distorted Publication