One of the world’s largest banks wants to rip up the economic rulebook and downplay GDP

There is a growing chorus of economists who say it’s time to stop using gross domestic product as the prevailing measure of growth and economic progress. Barclays, one of the world’s largest banks, just joined in.

Dissatisfaction with GDP is not new, with people from the former King of Bhutan to Amartya Sen embracing alternative measures of economic progress, like happiness and human development indexes. Now, the backlash is going mainstream, as GDP’s shortcomings become clearer. The...

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