Production versus Well-Being; Noble Prize laureate Joe Stiglitz' vision

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Presentation that Joe Stiglitz gave in Melbourne, Australia on July 29, 2010.

Stiglitz argues that the Global Crisis was not just a matter of a depressed period in our business cycle.

It was also about measurement errors. GDP and other production-related variables were important guiding beacons for decision takers, when actually they should have understood that it is in the end not just about Wealth but also about Well-being.

In other words: bankers might be guilty of the Crisis, but so are (national) accountants since we are not properly accounting for all that matters to us when analyzing national performance.

Published in: Economy & Finance
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