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Posted Sun Jul 18 2010: from New York Times:
Rethinking the Measure of Growth
...Gross domestic product has come in for some particularly hard knocks since the global financial crisis, notably after a report last year whose co-author was Joseph E. Stiglitz, a Nobel laureate in economics, that said reliance on gross domestic product had blinded governments to the increasing risks in the world economy since 2004. Overlooking that risk has possibly cost future economic growth, the report said, and has contributed to a looming environmental crisis. "Market prices are distorted by the fact that there is no charge imposed on carbon emissions," the report said. "Clearly, measures of economic performance that reflected these environmental costs might look markedly different from standard measures."
[Read more stories about: economic myopia, short-term thinking]

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'Doc Michael says:
The gross domestic product is aptly named.

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