A Review Essay on GDP: A Brief but Affectionate History by Diane Coyle
Journal of Economic Literature
vol. 54,
no. 2, June 2016
(pp. 573-88)
Abstract
GDP, the most fundamental concept of aggregate economics, is often misunderstood and misused. In a brief book, Diane Coyle attempts to demystify and clarify the concept by providing what she calls "an affectionate history." The product is a lucid and clear presentation that however must come with a caution sign. The story is often incomplete, and what it does contain is not always accurate. Among the salient and controversial topics discussed are the adequacy of GDP for the twenty-first century, the deficiencies of GDP as a measure of welfare, and the strange way in which banking services are calculated.Citation
Syrquin, Moshe. 2016. "A Review Essay on GDP: A Brief but Affectionate History by Diane Coyle." Journal of Economic Literature, 54 (2): 573-88. DOI: 10.1257/jel.54.2.573Additional Materials
JEL Classification
- B22 History of Economic Thought: Macroeconomics
- E01 Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
- E23 Macroeconomics: Production