Excerpted from Reuters:
Continuing..."Gross Domestic Problem: The Politics Behind the World's Most Powerful Number" by Lorenzo Fioramonti argues that far from being a sign of economic progress, the growth measured by gross domestic product (GDP) comes at a cost because it is often accompanied by natural resource depletion and high income inequality.
...The fixation with GDP growth compels policymakers to design policies that promote consumerism and attract short-term investment, he argues, but, as the West's economic downturn has shown, the gains are unlikely to last long.More here
"African countries will soon realize they are latecomers to the party," he told Reuters in a telephone interview. "Imagine you have a party (that) starts at 8pm but it's supposed to end at 2am. African countries have arrived at 1.30am.
"They're experiencing what is the apparent wealth and success of being part of the party but the party is supposed to end quite soon."
The book - which contradicts economic orthodoxy that GDP is one of the most important economic indicators - traces the origins of the concept from its invention by U.S. statisticians to deal with the Great Depression.
