
GDP needs an upgrade. Here's why
After 8 decades as the premier measure of economic success, there appears to be a widespread consensus that GDP is no longer fit for purpose in the modern world.
The University of Cambridge (United Kingdom) is one of the world's oldest universities and leading academic centres, and a self-governed community of scholars. Its reputation for outstanding academic achievement is known worldwide and reflects the intellectual achievement of its students, as well as the world-class original research carried out by the staff of the university and the colleges. The university consists of 31 colleges and more than 150 academic departments, with 12,000 undergraduate and 6,000 graduate students.
After 8 decades as the premier measure of economic success, there appears to be a widespread consensus that GDP is no longer fit for purpose in the modern world.
In 1831, when Charles Darwin boarded The Beagle for its five-year voyage of exploration, ships navigated with the help of chronometers, which showed the precise time at a reference locati...