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Hooray for GDP!

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  • Oulton, Nicholas

Abstract

Should raising the growth rate of GDP per capita be a policy goal of governments in general, and of the British government in particular? Many people would say no, for the following reasons: 1) GDP is hopelessly flawed as a measure of welfare; 2) Growing GDP is pointless since most people don’t benefit; 3) Raising GDP per capita is pointless as it doesn't make people any happier; and 4) The planet is finite, so further growth of GDP (at least in rich countries) is not feasible anyway. I discuss and reject all four of these objections. I urge the LSE Growth Commission to focus its efforts on policies to increase the growth rate of GDP per capita in the medium and long run.

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Paper provided by London School of Economics and Political Science in its series Open Access publications from London School of Economics and Political Science with number CEPOP30.

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Date of creation: Aug 2012
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Handle: RePEc:ner:lselon:http://eprints.lse.ac.uk/47498/

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  1. Daron Acemoglu, 2012. "The World our Grandchildren Will Inherit: The Rights Revolution and Beyond," NBER Working Papers 17994, National Bureau of Economic Research, Inc.
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  6. Brock,W.A. & Taylor,M.S., 2004. "The Green Solow model," Working papers 16, Wisconsin Madison - Social Systems.
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  8. Robert J. Gordon, 2009. "Misperceptions About the Magnitude and Timing of Changes in American Income Inequality," NBER Working Papers 15351, National Bureau of Economic Research, Inc.
  9. Edward N. Wolff & Ajit Zacharias & Thomas Masterson, 2012. "Trends In American Living Standards And Inequality, 1959–2007," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(2), pages 197-232, 06.
  10. William D. Nordhaus, 1992. "Lethal Model 2: The Limits to Growth Revisited," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 1-60.
  11. Clinton P. McCully & Brian C. Moyer & Kenneth J. Stewart, 2007. "A Reconciliation between the Consumer Price Index and the Personal Consumption Expenditures Price Index," BEA Papers 0079, Bureau of Economic Analysis.
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