Why It’s Bad to Have High GDP

To put it in other words…

The common way of looking at Gross Domestic Product (GDP) is that it’s a metric of economic success: more GDP is more wealth.Wealth is good. “Poverty” (meaning low per capita GDP) is bad.Nowadays, pretty much everyone talks about “economics” like this as if this truism was scribbled on the back walls of the cosmos.

This is just looking at one side of the ledger in a kind of global double-entry accounting book.A logically equivale … ⌘ Read more