I agree that GDP is imperfect. If it were easy to perfect then it would have been done already. Should more resources be devoted to the issue? Probably. I support the use of multiple measures of wealth and well-being. But I do think that when GDP goes up, that usually indicates good things are happening. Other indicators usually track it.
I’m not trying to deny you’ve noticed a problem, I just think that you’re overstating it because even though GDP is imperfect, there is still a lot to be learned from empirical research that uses it.
I agree that GDP is imperfect. If it were easy to perfect then it would have been done already. Should more resources be devoted to the issue? Probably. I support the use of multiple measures of wealth and well-being. But I do think that when GDP goes up, that usually indicates good things are happening. Other indicators usually track it.
I’m not trying to deny you’ve noticed a problem, I just think that you’re overstating it because even though GDP is imperfect, there is still a lot to be learned from empirical research that uses it.