{"id":604735,"date":"2018-12-11T04:17:11","date_gmt":"2018-12-11T04:17:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/joseph-stiglitz-on-the-drawbacks-of-gdp\/"},"modified":"2018-12-11T04:17:11","modified_gmt":"2018-12-11T04:17:11","slug":"joseph-stiglitz-on-the-drawbacks-of-gdp","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/joseph-stiglitz-on-the-drawbacks-of-gdp\/","title":{"rendered":"Joseph Stiglitz on the drawbacks of GDP"},"content":{"rendered":"

We bring you our next installment of the \u201cIs GDP a good measure of wellbeing\u201d debate: <\/b>In a nutshell, no, saysJoseph Stiglitz in his op-ed last week.<\/a> Ten years ago, the International Commission on the Measurement of Economic Performance and Social Progress issued its report, Mismeasuring Our Lives: Why GDP Doesn\u2019t Add Up<\/a>. The report found GDP to be a deeply flawed metric of economic performance and social progress, spurring an international movement of academics, policy-makers, and governments to rethink the metric. The Better Life Index<\/a> came out of this project: a range of alternatives that better reflect wellness and its catalysts.<\/p>\n

New studies highlighted by Stiglitz both support his claim and signal a shift in the conventional wisdom of GDP.<\/b> Last week, the sixth World Forum on Statistics, Knowledge, and Policy produced a report headlined Beyond GDP: Measuring What Counts for Economic and Social Performance<\/a>. In addition to exploring topics not previously discussed \u2014 including trust, insecurity, inequality, and sustainability \u2014 the report explains how poor metrics contributed to deficient policy. For example, if policy-makers had better metrics, they might have been able to anticipate the negative and long-lasting effects of the 2008 financial crash and steered clear of austerity policies that lowered national wealth.<\/p>\n

GDP is not for the people:<\/b> Stiglitz goes further to say that political outcomes often reflect the insecurity of ordinary citizens, which is itself fueled by a narrow range of policies focused on GDP. For example, pension \u2018reforms\u2019 force citizens to bear more risk, or labor market \u2018reforms\u2019 that weaken employees\u2019 bargaining power. Better metrics would not only properly weigh the costs against the benefits of such reforms, but they would identify problems before they spiral out of control.<\/p>\n","protected":false},"excerpt":{"rendered":"

We bring you our next installment of the \u201cIs GDP a good measure of wellbeing\u201d debate: In a nutshell, no, saysJoseph Stiglitz in his op-ed last week. Ten years ago, the International Commission on the Measurement of Economic Performance and Social Progress issued its report, Mismeasuring Our Lives: Why GDP Doesn\u2019t Add Up. The report […]<\/p>\n","protected":false},"author":1,"featured_media":604736,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[104,72,348,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-economy","tag-enterpriseam","tag-gdp","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"ec61b292-c823-4286-84dd-e0735212fc19","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/12\/1114.jpg","photo_position":"above","related_issue":[604710],"teaser":"","voice_url":""},"yoast_head":"\nJoseph Stiglitz on the drawbacks of GDP - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/joseph-stiglitz-on-the-drawbacks-of-gdp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Joseph Stiglitz on the drawbacks of GDP\" \/>\n<meta property=\"og:description\" content=\"We bring you our next installment of the \u201cIs GDP a good measure of wellbeing\u201d debate: In a nutshell, no, saysJoseph Stiglitz in his op-ed last week. 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This would represent an overall loss of USD\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/203.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567296,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/19\/egypt-expected-to-have-highest-gdp-growth-in-north-africa-debt-sustainability-remains-a-concern-un\/","url_meta":{"origin":604735,"position":2},"title":"Egypt expected to have highest GDP growth in North Africa, debt sustainability remains a concern -UN","author":"enterpriseam admin","date":"19 January 2020","format":false,"excerpt":"Egypt\u2019s GDP growth forecast among the highest in North Africa, debt sustainability remains a concern -UN: Egypt\u2019s GDP is expected to grow at a 5.8% clip in 2020 and 5.3% in 2021, one of the highest in North Africa, according to the United Nations\u2019 2020 World Economic Situation and Prospects\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/634.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570418,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/iif-downgrades-egypts-2020-growth-forecast-to-2-7\/","url_meta":{"origin":604735,"position":3},"title":"IIF downgrades Egypt\u2019s 2020 growth forecast to 2.7%","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"IIF downgrades Egypt\u2019s 2020 growth forecast to 2.7%: The Institute of International Finance (IIF) has revised downward its projection for Egypt\u2019s GDP growth this year to 2.7% from 5.4% due to headwinds caused by the covid-19 outbreak.Behind the dip: Lower economic growth will come on the back of a drop\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592682,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/04\/world-bank-sees-egypts-gdp-growth-outpacing-mena-average-this-year\/","url_meta":{"origin":604735,"position":4},"title":"World Bank sees Egypt\u2019s GDP growth outpacing MENA average this year","author":"enterpriseam admin","date":"4 November 2019","format":false,"excerpt":"The World Bank sees Egypt\u2019s economy growing 5.5% this year, outpacing the MENA average of 1.5%, according to the World Bank\u2019s annual report (pdf). The report singles out Egypt\u2019s \u201cstrong reforms on the fiscal and energy fronts\u201d as a key driver of higher growth than its regional peers. Egypt\u2019s GDP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2426.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556079,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/11\/world-bank-upgrades-egypts-post-covid-gdp-growth-outlook\/","url_meta":{"origin":604735,"position":5},"title":"World Bank upgrades Egypt\u2019s post-covid GDP growth outlook","author":"enterpriseam admin","date":"11 October 2021","format":false,"excerpt":"Egypt\u2019s economy is expected to grow 5.0% in FY2021-2022, up from the 3.3% in FY2020-2021, according to the World Bank\u2019s October 2021 MENA economic update(pdf). 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