GDP and Income Security for All

GDP and income security for all

“The economy,” as that term is used by economists, politicians, pundits, and ordinary people, generally refers to GDP, gross domestic product.

Here’s an op-ed from the New York Times entitled “G.D.P R.I.P” that discusses why GDP is seriously flawed as a measure of national welfare.

After discussing some of the flaws, the author states that:

[I]t would be fairly easy for President Obama to convene a panel of economists and other experts to join the Bureau of Economic Analysis in creating a new, more accurate measure. Call it net economic welfare. On the benefit side would go such nonmarket goods as unpaid domestic work and ecosystem services; on the debit side would go defensive and remedial expenditures that don’t improve our standard of living, along with the loss of ecosystem services, and the money we spend to try to replace them.

The complete piece is here.

That would be a good step in the direction of more meaningful and useful discourse. Though it’s just a small step, it would almost surely make a real difference in helping people understand the value of income security for all. Guaranteed income is the most direct way to promote economic welfare for individuals and society as a whole.

To learn more about these ideas, visit the home page and other material on this web site, www.IncomeSecurityForAll.org.

You can read the complete plan, the idea and how we can implement it, in Peaceful, Positive Revolution, which is available from Tendril Press.

I hope you’ll also comment on this blog. And please help spread the word.

Steven Shafarman

Tags: "the economy", Barack Obama, economic growth, Peaceful Positive Revolution, Steven Shafarman

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This entry was posted on Wednesday, August 12th, 2009 at 8:05 am and is filed under economic growth.
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