Showing posts from March, 2018

Is Gross Domestic Product (GDP) Running on Empty?

Is Gross Domestic Product ( GDP) Running on Empty? An opinion piece from Tony Dennis, CEng MCIBSE 18 March 2018 marks the fiftieth anniversary of Robert (Bobby) Kennedy’s speech about the pitfalls of using Gross Domestic Product (GDP and GNP) as a proxy to measure a nation’s success and wellbeing. He stated …. It does not allow for the health of our children…..or the intelligence of our public debate….or the integrity of our public officials. It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country, it measures everything, in short, except that which makes life worthwhile.’[1] Before the United Nations required countries to collect data to report GDP, mid-20th century, the economist and chief architect of GDP, Simon Kuznets, had himself already warned against equating its growth with wellbeing,  ‘T he welfare of a nation can scarcely be inferred from a measure of national income ’ [2].  Evi