op-ed | National wealth over Gross Domestic Product telegraphindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from telegraphindia.com Daily Mail and Mail on Sunday newspapers.
Beyond GDP: GDP simply does not ascertain overall national well-being any more financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
The concept of GDP emerged from the devastation of the Great Depression and World War 2. Nobel-winning economist Simon Kuznets envisioned capturing all economic production by individuals, companies and the government in a single measure that would rise in prosperous times and sink in difficult ones. In his 1934 report, National Income, 1929-32 (bit.ly/45ol5cw) to the US Congress, he presented the original formulation of GDP.
During a speech by King s College London s Anand Menon on the likely decline in Britain s GDP against the backdrop of the Brexit referendum in 2016, a woman yelled back, That s your bloody GDP. Not ours. The media covered those two succinct sentences extensively.