Changing the Way We Measure Our Economy
By Darcy Sawatzki, M.A.
GDP, a.k.a Gross Domestic Product: the granddaddy of all economic indicators.
Since it was devised in the 1930s by economist Simon Kuznets, the concept of the GDP has weathered its fair share of criticism. In fact, Kuznets himself, who was awarded the Nobel Prize in economics for his illustrious work, talked openly about the limits of the GDP as an indicator of the economic health of a country.