Watch this video of a talk by Joseph Stiglitz, Nobel Laurette.
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2 comments:
Joseph Stiglitz has a point there. GDP doesn't mean anything if the objective is to improve the quality of life of all citizens.
I wonder if the sg govt has looked at this video? They are always harping about GDP figures, GDP growth rate year-on-year, GDP in sg vs GDP in other contries, how to increase the GDP etc. The mainstream media plays this up, and it is the same refrain we hear at every National Day rally. Very sad.
GDP is not a good indicator of the well being of the people, yet all Singapore ministers pay include a GDP bonus! Why did they come up with that formula? Joseph Stiglitz says politicians like to take credit for GDP growth, but it's not at all clear how they actually contributed to that growth.
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