What the GDP Hides

From Prabhat Patnaik, in People’s Democracy, 4 Feb 2024

THERE are well-known problems associated with the concept of gross domestic product as well as with its measurement. The inclusion of the service sector within GDP is something that Adam Smith would have objected to on the conceptual grounds that those employed in this sector constituted “unproductive workers”; certainly in the former Soviet Union and East European socialist countries, it was not the GDP but the gross material product excluding the service sector that was considered the relevant measure.

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