"HONG KONG — GDP is so 20th century. The measure has risen from humble beginnings during the Great Depression to be an essential gauge for governments and central banks the world over." (Agency Staff, 2016)
GDP is struggling to keep pace with economic change, due to an increase in e-commerce where transactions occur instantaneously it has become increasingly difficult to track economic output. Also due to GDP's tendency of ignoring distribution effects it effectively doesn't entertain rising inequality (which has ignited situations like Brexit).
As it stands, the wrong factors are being measured while increasingly important things such as income equality, technological change and living standards receive little attention, since GDP and
GDP is struggling to keep pace with economic change, due to an increase in e-commerce where transactions occur instantaneously it has become increasingly difficult to track economic output. Also due to GDP's tendency of ignoring distribution effects it effectively doesn't entertain rising inequality (which has ignited situations like Brexit).
As it stands, the wrong factors are being measured while increasingly important things such as income equality, technological change and living standards receive little attention, since GDP and