GDP Estimation: The Need for a Relook
Synopsis
Gross Domestic Product (GDP) as an indicator of the economic progress of a nation was first structured as an indicator of wartime productivity during World War II. But since then, the concept of GDP has fallen short on many counts, in spite of the stature it has come to command. This results in severe distortions since it does not yet distinguish between economic activity that contributes to a nation's well being and what detracts from it.
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