Joseph Stiglitz: GDP Not Well-Being

Posted by admin on Monday, February 8, 2016

Economist Joseph Stiglitz Money Quotation saying “what we measure informs what we do. And if we’re measuring the wrong thing, we’re going to do the wrong thing.” Joseph Stiglitz said:
GDP is not a good measure of economic performance; it's not a good measure of well-being Quote

GDP is not a good measure of economic performance; it’s not a good measure of well-being” — Joseph Stiglitz


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Joseph E. Stiglitz’s quote suggests that GDP (Gross Domestic Product) is not a comprehensive measure of a country’s economic performance or well-being. GDP only accounts for the monetary value of goods and services produced within a country, without considering other important factors such as income inequality, environmental degradation, or the value of unpaid work.

Stiglitz argues that GDP does not capture the full range of economic activities and outcomes that affect people’s well-being. For example, it does not account for the value of leisure time, the quality of education, or the health of the population. Therefore, relying solely on GDP as a measure of economic performance can lead to policies that prioritize economic growth over other important social and environmental factors.

In summary, Stiglitz’s quote highlights the limitations of GDP as a measure of economic performance and well-being, and suggests that policymakers should consider a broader range of indicators when evaluating economic progress.

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