Wealth Without Well-being: Be Cautious of GDP

Over the past millennium, global per-capita GDP has surged 1,300 percent, primarily since the Industrial Revolution, reflecting significant economic production and consumption. However, GDP serves merely as a tally of goods and services and does not equate to societal health or well-being. Despite this economic growth, substantial disparities persist: while many enjoy unprecedented material wealth, billions still experience hardship, including nearly half of the population in the U.S. living with economic insecurity. The increase in GDP parallels troubling societal trends, highlighting the need for a broader evaluation of well-being beyond mere economic indicators.