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Graphic: Lies, damned lies & GDP on left: the promise chart with growth & time as the axis showing GDP, wealth of the richest & wealth of the poorest, all moving upwards as time passes (roughly in parallel). on the right: the reality in 2024 Similar chart but showing wealth of the riches going up most, GDP generally rising but wealth of the poorest declining!

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Graphic: Lies, damned lies & GDP on left: the promise chart with growth & time as the axis showing GDP, wealth of the richest & wealth of the poorest, all moving upwards as time passes (roughly in parallel). on the right: the reality in 2024 Similar chart but showing wealth of the riches going up most, GDP generally rising but wealth of the poorest declining!
https://cdn.masto.host/zirkus/media_attachments/files/112/115/224/159/402/705/original/23ee3aefc00c3b50.png

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Emeritus Prof Christopher May (chrismayla6@zirk.us)'s status on Monday, 18-Mar-2024 17:48:54 JST Emeritus Prof Christopher May

This graphic (circulated by Bridget Doran on LinkedIn) neatly sums up the problem with the simple message that growth needs to be prioritised & measured via a nominal GDP measure.
In this sense it reflects a heckle reported by Anand Menon nearly a decade ago, during a lecture on GDP & the problems of growth:
'That’s your bloody GDP. Not ours'!
The simple truth that growth is unevenly distributed is often lost in policy discussions!
#economics #growth #inequality #GDP

In conversation about 8 months ago from zirk.us permalink