GDP under fire by Nobel Laureates!

GDP as a measure of a country's well-being is under attack, not for its traditionally cited shortcomings such as not accounting for unpaid work done at home (imagine eating out every meal, washing and cleaning all your clothes outside, raising your kids in daycare centers, etc.), but because it doesn't take into account costs of joblessness and environmental degradation. Read here the NYT article....

The French president, Nicolas Sarkozy, has formed a commission, headed by two Nobel laureates, Joseph Stiglitz and Amartya Sen. It comes at a time when the most the world, most noticeably the US And Western Europe, are still suffering from the economic recession, which most people believe is due to imperfect neoliberal policies. Some longtime critics see this is as a sign of the beginning of the fall of the promise of neoliberal policies and free market. Let's see what comes out of this initiative.