Time to fix GDP?

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.

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Topics:  Frontiers of economic research

Tags:  GDP, service economy, measurement, productivity

Professor of Economics, University of Manchester; founder, Enlightenment Economics

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