We still advocate the GDP method to measure progress and welfare of nation. Robert Kennedy said "The gross national product includes air pollution and advertising for cigarettes and ambulances to clear our highways of carnage. It counts special locks for our doors and jails for the people who break them. GNP includes the destruction of the redwoods and the death of Lake Superior. It grows with the production of napalm, and missiles and nuclear warheads... it does not allow for the health of our families, the quality of their education, or the joy of their play. It is indifferent to the decency of our factories and the safety of our streets alike. It does not include the beauty of our poetry or the strength of our marriages, or the intelligence of our public debate or the integrity of our public officials. It measures everything, in short, except that which makes life worthwhile". The second critic, Simon Kuznets the inventor of the GDP, in his very first report to the US Congress in 1934 said[2]: "...the welfare of a nation can scarcely be inferred from a measure of national income. If the GDP is up, why is America down? Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run. Goals for more growth should specify more growth of what and for what". GDP is being used to derail our financial net. It is time we think of evolving a new approach to m
We still advocate the GDP method to measure progress and welfare of nation. Robert Kennedy said "The gross national product includes air pollution and advertising for cigarettes and ambulances to clear our highways of carnage. It counts special locks for our doors and jails for the people who break them. GNP includes the destruction of the redwoods and the death of Lake Superior. It grows with the production of napalm, and missiles and nuclear warheads... it does not allow for the health of our families, the quality of their education, or the joy of their play. It is indifferent to the decency of our factories and the safety of our streets alike. It does not include the beauty of our poetry or the strength of our marriages, or the intelligence of our public debate or the integrity of our public officials. It measures everything, in short, except that which makes life worthwhile". The second critic, Simon Kuznets the inventor of the GDP, in his very first report to the US Congress in 1934 said[2]: "...the welfare of a nation can scarcely be inferred from a measure of national income. If the GDP is up, why is America down? Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run. Goals for more growth should specify more growth of what and for what". GDP is being used to derail our financial net. It is time we think of evolving a new approach to m
We still advocate the GDP method to measure progress and welfare of nation. Robert Kennedy said "The gross national product includes air pollution and advertising for cigarettes and ambulances to clear our highways of carnage. It counts special locks for our doors and jails for the people who break them. GNP includes the destruction of the redwoods and the death of Lake Superior. It grows with the production of napalm, and missiles and nuclear warheads... it does not allow for the health of our families, the quality of their education, or the joy of their play. It is indifferent to the decency of our factories and the safety of our streets alike. It does not include the beauty of our poetry or the strength of our marriages, or the intelligence of our public debate or the integrity of our public officials. It measures everything, in short, except that which makes life worthwhile". The second critic, Simon Kuznets the inventor of the GDP, in his very first report to the US Congress in 1934 said[2]: "...the welfare of a nation can scarcely be inferred from a measure of national income. If the GDP is up, why is America down? Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run. Goals for more growth should specify more growth of what and for what". GDP is being used to derail our financial net. It is time we think of evolving a new approach to m
The loss to the people is so huge that it is impossible to recover it. By all means it might have migrated to another country. The present method of governance is based on GDP. GDP is an obsolete model for governance. The present loss of 1.76 lac crores will reflect on the GDP. The sudden flip of real estate business resulted from this looted cash. The media shouts ‘IT IS THE INDICATOR OF DEVELOPMENT’. This real estate business allow to drip down the money to the common man. There will be higher money circulation. More purchase and more more business. Media shouts ‘IT IS THE INDICATOR OF DEVELOPMENT’. This looted money will have two slots in the GDP calculation- the real estate and business. Common sense says -any profit will have a loss. We can hear media shouts like ‘today there was a profit of one lac crore for the share holders.’ What does it indicates? There is an equal amount of loss in another book. This book is the book of the poor man. Poor needs an explanation from the enlightened economists on this score. We heard about DICTATORS who ruled as they like. What happened to the 2G spectrum? It was auctioned by giving 3 hours notice. Was our men ignorant about the rules in force? If someone gets sleep from ignorance let him enjoy the sleep. Not in government but at home.
The article could have been more elaborate. It is a good move by various govts to review the approach on GDP. The concept of GDP was evolved to manage the economy during the great depression -ie an economy in distress. For normal growth of economy this is not applicable. But the neo-economists of India consider this concept as the bible of planning. The reference book on GDP used by the govt is confidential. This confidentiality is used by the bureaucrats/politicians to subvert the economy for their interest. This is going on for decades. The govt should make the reference book used for assessing the GDP public. That will open a plethora of information on the mismanagement of our economy. The economists project wrong and deceptive tabulations for planning processes leading to wrong decisions by the Parliament. GDP should be revamped to indicate the welfare of the aam-admi. Multi billion dollar buildings and million dollar cars and such facilities are not for the poor.
Why not also publish inflation adjusted GDP growth taking 2000 as bse year.Does GDP count the effort of mothers in running thwir homes? What about the output of the education Sector i.e. the people who enter the workforce but have no jobs? High time the concept was broadened or substituted by different indices. What about selfemployed persons who file no tax returns ?
I am layman and not an economist. I dont think GDP is a proper indicator of growth or happiness. GDP can be higher because of higher prices due to inflation and not necessarily growth. Even in the years when agricultural production was lower than normal, GDP was high. The weightage given to agriculture is probably not significant as cars, consumer durables etc etc. Freedom from hunger/starvation, unemployment and such factors should be taken into account in determining the GDP of a country.
No doubt, our GDP make our country rich but because of share holders of this company like country are more so each individual get negligible share of that wealth ( rather I would say that rise in population outsmart the GDP) and finally in each year we become more poor As against this scenario the country where population growth is less say Norway without increase of GDP much they are Happy. So bottom line should be BACHHE KUM NIKALO but who will agree with this? Nobody So goto hell
