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Published by the Breakthrough Generation.
The financial crisis of 2008-09 has focused the Nation’s attention on the deficiencies of the US financial system. Economists across the political spectrum have called for reform, prescribing the nationalization of banks and re-regulation of the financial sector.
While the focus on the financial sector is justified, perhaps the Nation’s economic woes reflect deeper problems with American economic thought—specifically, the effects of using Gross Domestic Product (GDP) as the preeminent indicator of economic progress and national wellbeing. Perhaps now is the time for America and other developed economies to re-evaluate GDP as measure of progress.