S2 - EP1: The Future of Economics (with Kate Raworth)
Jon Richardson and the Futurenauts
00:00
The Power of One Number
Simon Kuznet came up with the model of gross domestic product in 1930s. He said it doesn't measure quality of life or value of community, he says. GDP was a useful tool for America during World War II to reorient economy towards war machine. But economists got quite enticed by this one number - and so does public opinion.
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