GDP A Brief but Affectionate History: an interview with Diane Coyle
Автор: Bond Vigilantes
Загружено: 2015-03-06
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M&G’s Jim Leaviss interviews Diane Coyle, author of GDP A Brief but Affectionate History.
GDP as a measure of economic growth dates from World War II. Back in the 17th and 18th centuries, interest was focused on counting much tax could be raised to fight wars. It wasn’t until the 20th century that there was demand for measuring what happens in an economy as a whole.
It is useful for organisations such as central banks and government treasury departments to have a measure to look at when developing macroeconomic policy. However, they must be careful when being too reliant on something that is frequently subject to revision and/or the numbers recorded can fall within its margin of error. Unlike measuring the height of a hill, for example, there is no one correct answer in measuring GDP, and many judgement calls are implicit. Technological advances also present challenges, as GDP captures the number of items being produced, rather than their characteristics.
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