Eric Weiner in the LATimes.
GDP is the sum of all goods and services a nation produces over a given time. GDP measures the size of the pie, not the quality of the ingredients — fresh apples or rotten ones are counted the same. Or, to put it another way, the sale of an assault rifle and the sale of an antibiotic both contribute equally to the national tally (assuming the sales price is the same).GDP doesn't register, as Robert Kennedy put it, "the beauty of our poetry or the strength of our marriages, or the intelligence of our public debate." GDP measures everything, Kennedy concluded, "except that which makes life worthwhile."
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John Quiggin in his blog:
...[T]he Gross Domestic Product is a bad measure of a nation’s economic welfare because it’s Gross (doesn’t net out depreciation of physical or natural capital), Domestic (doesn’t net out income paid overseas) and a Product (takes no account of labour input)).
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In both, you will find Gross Domestic Happiness mentioned as an alternative; however, this is yet to be defined in a rigorous way. But the larger point is still the same: if people's welfare (happiness) is what politics is all about, GDP may not be right proxy for it.