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Genuine Progress Indicator (GPI) and a Replacement of GDP

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Is the state of the USA designed to replace the GDP with a primary measure of economic performance?

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Solution Preview

Economists and policy makers around the world echoes that sentiment that the GDP does not capture the economic performance of a country.

Talberth (2010) said that a replacement of GDP as a measure of economic performance must have these characteristics,"(1) it should measure genuine economic welfare, not just economic activity, and (2) it should indicate the ...

Solution Summary

Gross domestic product (GDP) has a number of limitations in capturing real economic growth. Genuine Progress Indicator or GNI promises a more comprehensive and realistic measurement.

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