4 min read.Updated: 02 Nov 2022, 10:40 AM ISTVivek Kaul
It has been close to nine decades since GDP as we know it came into being. It’s time now to address the basic problem at the heart of it.
Over the years, gross domestic product (GDP) growth has become the measure of a country’s economic progress. There is a fundamental problem with this. In measuring an economy’s size, GDP only measures paid work, or, as economists put it, it counts only things that are exchanged in the market.