Planet Money SUMMER SCHOOL 2: GDP & What Counts
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Jul 21, 2022 Dive into the fascinating world of gross domestic product (GDP) and its role in measuring the economy. Explore its historical roots and the influential theorists who shaped its development. The podcast critiques GDP's limitations, revealing how it often fails to reflect true societal well-being. Discover the complexities of measuring economic activities, including the impact of black markets and unpaid labor. Listeners are even invited to engage with interactive assignments to relate economic principles to their daily lives!
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GDP: A New Concept
- GDP, or Gross Domestic Product, is a relatively new concept for measuring a country's economy.
- Before GDP, there wasn't a way to understand the overall economic health or compare it to other nations.
GDP's Origins
- During the Great Depression, the U.S. lacked a way to measure the economy's health.
- Simon Kuznets developed GDP, which became crucial for war production planning and economic management.
GDP's Global Rise
- GDP became a global standard after World War II, used by international organizations.
- Its use expanded from a tool for measuring economic health to a measure for international competition and even propaganda.
