What Gross Domestic Product Does - and Doesn't - Mean in a Recession

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What Gross Domestic Product Does - and Doesn't - Mean in a Recession Powered By Docstoc
					What Gross Domestic Product Does - and Doesn't - Mean in a Recession
Jurgen Brauer
Phi Kappa Phi Forum; Fall 2009; 89, 3; Docstoc
pg. 24




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Description: The fast food industry, Madison Avenue, the pharmaceutical industry, and the healthcare industry all decline. Yet who will argue that we are worse off when the country's people make do with a normal diet? (After some transition period, the money saved on fast food would show up as spending on other activities, anyway, and would generate more employment in those other economic sectors, and eventually GDP would return to its former state.) The ABCs of the GDP are off Still not convinced? [...] I join most economists who wish that the political and public discussions were more clearly geared toward questions about the quality of GDP rather than its mere quantity.
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