February 27, 2015
Shown by auctions of Nobel prize medals from recipients like Simon Kuznets and James Watson, through markets, the price system conveys information.
Shown by auctions of Nobel prize medals from recipients like Simon Kuznets and James Watson, through markets, the price system conveys information.
GDP problems include that it's not calculated the same way in different countries, its data can be tough to gather, and its components omit important items.
If they tried to include the work that moms and dads do at home, national income accounting statisticians would have a tough time quantifying unpaid work.
Seemingly just a statistic, how we calculate the GDP and how it is used can be controversial and affect the lives of millions of people.