Economists paint themselves as the 'scientists of progress' , but reliance on GDP as a measure of economics progress fails to take into account that the economy is no longer production-based but is instead a service economy. Diane Coyle of Cambridge University talks about a new paper with Leonard Nakamura, which proposes a better metric built around how people use their time. The paper is available here.
Time to fix GDP?
Topics: Frontiers of economic research
Tags: GDP, service economy, measurement, productivity