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A Modest Challenge to GDP Reforms

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  • Mitsuhiko Iyoda

Abstract

This paper explores the importance and possibility of GDP reform by examining the weaknesses of the current GDP concept. The GDP concept itself involves flawed metrics; there are more effective measures of economic and societal well-being. Here we limit our argument to economic well-being. The weaknesses of GDP can be broadly divided into two primary categories: market workability and the GDP framework. We present four types of GDP reform, among which, we consider further, is a modest improvement on current GDP. If not dealt with, the misleading aspects of GDP are likely to produce a misguided economic growth strategy and reduce the likelihood of a ‘positive sum’ result.

Suggested Citation

  • Mitsuhiko Iyoda, 2019. "A Modest Challenge to GDP Reforms," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 20(2), pages 33-54, April.
    • Handle: RePEc:wej:wldecn:742
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