Quotes About National output

Of the growth in total national output in Germany between 1935 and 1938 almost half (47 per cent) was accounted for directly by the increase in the Reich's military spending.15 If we add investment, of which a very large part was dictated either by the priorities of autarchy or rearmament, the share rises to two-thirds (67 per cent).

The slowdown in growth is likely overstated, because the statisticians miss a lot of quality improvements, especially for services, which represent an increasing share of national output. The information revolution and its associated devices do more for wellbeing than we can measure. That these pleasures are barely captured in the growth statistics tells us about the inadequacies of the statistics, not the inadequacies of the technology or the joys that it brings.

For over 70 years economics has been fixated on GDP, or national output, as its primary measure of progress. That fixation has been used to justify extreme inequalities of income and wealth coupled with unprecedented destruction of the living world. For the twenty-first century a far bigger goal is needed: meeting the human rights of every person within the means of our life-giving planet.

First, change the goal. For over 70 years, economics has been fixated on GDP, or national output, as its primary measure of progress. That fixation has been used to justify extreme inequalities of income and wealth coupled with unprecedented destruction of the living world. For the twenty-first century, a far bigger goal is needed: meeting the human rights of every person within the means of our life-giving planet.