“In an age of climate crisis, growing inequality and economic turmoil, there is a strong case that this outdated metric [GDP] should no longer be the dominant compass guiding policy making. It fails to distinguish whether economic activity is harming or benefitting people and the planet. Government policies and budgets should be guided by a set of metrics that look at the whole picture, including closing the divide between the richest and the rest, instead of relentlessly pursuing growth for its own sake.”
This report from Oxfam reinforces the growing realisation, as covered our recent post, that GDP completely ignores principal aspects of the “real economy”, in this case, millions of hours a week undertaken to support humanity and the inequality resulting from the pursuit of endless economic growth.