This Economic Letter discusses a topic that at first glance appears to be boring and technical but that in fact turns out to be quite important: the proper interpretation of chain-weighted data. To ...

Diane Coyle, Bennett Professor of Public Policy at the University of Cambridge and author of GDP: A Brief But Affectionate History, explains why gross domestic product is no longer an adequate means ...

For many years now, the GDP has been severely criticized as not adequately measuring economic progress and the quality of life. The truth, however, is that the GDP was not designed to measure human ...

Gross domestic product (GDP), which measures the total output of goods and services in an economy, has flaws when used to gauge the well-being of a nation’s residents. For example, to the question of ...