Oulton, Nicholas 
ORCID: 0000-0002-1595-7732
(2018)
Main challenges to GDP.
In:
The Future of GDP.
Credit Suisse Research Institute, Zurich, CH, 17 - 29.
Abstract
"China became the world's larges economy in 2014." "UK GDP grew by 0.1% in the first quarter of 2018." "In the Eurozone, inflation as measured by the Harmonized Index of Consumer Prices was up 1.4% in March 2018 compared to the previous March.” Any scanner of websites that cover business news can read statements like these on any day of the week. Each statement relies on modern economic statistics using the System of National Accounts (SNA) as their basis. This chapter briefly outlines how the SNA came to have such powerful (if background) role. Further, it discusses some of the many criticisms leveled at the SNA, and particularly at Gross Domestic Product, its centerpiece. These criticisms fall into two groups. The first group raises doubts about how accurately GDP is measured. The second is more about the relevance of GDP (and the SNA) as a guide to policy. Even if GDP is measured accurately, is it measuring anything which thoughtful people should be interested in?
| Item Type: | Book Section |
|---|---|
| Official URL: | https://www.credit-suisse.com/about-us/en/reports-... |
| Additional Information: | © 2018 Credit Suisse Group AG |
| Divisions: | Centre for Macroeconomics |
| Subjects: | H Social Sciences > HC Economic History and Conditions |
| Date Deposited: | 29 Sep 2020 07:45 |
| Last Modified: | 13 Sep 2024 23:39 |
| URI: | http://eprints.lse.ac.uk/id/eprint/106647 |
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