Real GDP: The Flawed Metric at the Heart of Macroeconomics
Fix, Blair and Nitzan, Jonathan and Bichler, Shimshon.
(2019).
Research Note. April. pp. 1-8.
(Article - Working Paper; English).
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Alternative Locations
https://www.academia.edu/38941588/Real_GDP_The_Flawed_Metric_at_the_Heart_of_Macroeconomics, https://www.econstor.eu/handle/10419/195950
Abstract or Brief Description
The study of economic growth is central to macroeconomics. More than anything else, macroecon-omists are concerned with finding policies that encourage growth. And by ‘growth’, they mean the growth of real GDP. This measure has become so central to macroeconomics that few economists question its validity. Our intention here is to do just that. We argue that real GDP is a deeply flawed metric. It is presented as an objective measure of economic scale. But when we look under the surface, we find crippling subjectivity. Moreover, few economists seem to realize that real GDP is based on a non-existent quantum – utility. In light of these problems, it seems to us that much of macroeconomics needs to be rethought.
Language
EnglishPublication Type
Article - Working PaperKeywords
aggregation national accounting economic growth neoclassical economics quality change utilitySubject
BN MacroBN Methodology
BN Production
BN Data & Statistics
BN Growth
BN Ideology
Depositing User
Jonathan NitzanDate Deposited
26 Apr 2019 21:24Last Modified
20 May 2019 16:16URL:
http://bnarchives.yorku.ca/id/eprint/598Available Versions of this Item
- Real GDP: The Flawed Metric at the Heart of Macroeconomics. (deposited 26 Apr 2019 21:24) [Currently Displayed]
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