Economic Crisis?
Permalink +Wed, Jan 30, 2008, 6:06 pm // Craig Mayberry
GPI, Genuine Progress Indicator, versus the GDP, Gross Domestic Product.The GPI starts with personal consumption and then adds and subtracts to account for items not included in GDP. GDP does not include things like; value of parenting or housework, value of higher education, value of volunteer work, loss of leisure time, underemployment, resource depletion, impact of carbon dioxide emission, and income distribution. These items all influence the long-term health and well-being of citizens, yet is not accounted for in GDP. If you divide the total GDP and GPI by population, you get the per capita amounts, or amount per person. If you factor in these items, a vastly different picture emerges (see graph). GDP per person has continued to increase at a steady rate since 1950, while GPI per person has been stagnant for the last 20 years.
One explanation is that GDP does a good job of measuring how we feel about our pocketbook, while GPI measures how someone feels in his or her heart (or gut). The implication for the perceived discontent is that in the end, people are listening to their heart, and not their pocketbook. The other implication is that wealth does not necessarily equal financial wealth. Politicians are rushing to protect our pocketbook and prop up GDP, yet continue to ignore the restlessness in our hearts. Certainly many politicians talk about protection of natural resources, reducing carbon emissions and improving income distribution, yet the numbers suggest that it has only gotten worse; there appears to be a disconnect between policy and results. The thought of a recession sends fear into the eyes of most politicians and instant action to correct it, but the 20 years of stagnant growth of the GPI barely raises an eyebrow.
(Graph image will be uploaded later today)
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