From: Jerry Levy (Gerald_A_Levy@MSN.COM)
Date: Fri Mar 02 2007 - 12:26:40 EST
> > What statistical measure is a better indicator of economic growth than > > GDP? > I do not have a quick answer to that, since I think the term "economic > growth" refers not just to a quantitative increase in one variable, but to > a process whereby the reinvestment of income leads to increased output, > labour utilisation, assets and additional income. Hi Jurriaan: One could examine statistics on economic development for this. But, if there are problems with GDP measurement there are probably even more problems with measurements of development. There is a lot of disagreement among mainstream economists about how economic development should be measured and Marxians don't have an unambiguous and agreed upon definition of development either. As always, thanks for your comments. In solidarity, Jerry > You cannot capture the process > with just one indicator, you need a range of indicators referring to a set > of relationships, just as human bodies do not simply grow upwards (in > which case you could measure height) but also sideways and internally > and so on.
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