this post was submitted on 08 Jul 2025
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Memes

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the latest BRICS summit recently completed

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[–] culprit@lemmy.ml 7 points 1 week ago

Otherwise what would be the point if everyone thinks it is useless?

Capitalism trying to convince people it is still relevant and viable.

https://www.scientificamerican.com/article/gdp-is-the-wrong-tool-for-measuring-what-matters/

These examples illustrate the disjuncture between GDP and societal well-being and the many ways that GDP fails to be a good measure of economic performance. The growth in GDP before 2008 was not sustainable, and it was not sustained. The increase in bank profits that seemed to fuel GDP in the years before the crisis was not only at the expense of the well-being of the many people whom the financial sector exploited but also at the expense of GDP in later years. The increase in inequality was by any measure hurting our society, but GDP was celebrating the banks' successes. If there ever was an event that drove home the need for new ways of measuring economic performance and societal progress, the 2008 crisis was it.