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143

Zack Polanski wants to use wellbeing targets instead of GDP to measure growth. Is he right? (www.bigissue.com)

submitted 23 hours ago by okwithmydecay@leminal.space to c/uk_politics@feddit.uk

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[–] BlackLaZoR@lemmy.world 0 points 5 hours ago (1 children)

Like, I’d rather live here than in China for all sorts of reasons; equally, if I could have what we have here but also have China’s GDP, I’d happily take that.

I prefer living in Poland than US despite Poland having much lower GDP. (both in absolute terms and per capita) Quality of life isn't GDP.

I don’t think this is true at all. One of the main things GDP measures is trade, including foreign trade.

Trade within itself doesn't improve anyone's life. What improves people's lives is availability of jobs and services (along with other factors)

If you're Apple, you sell bunch of phones in Mexico, produce them in China and reinvest earnings in EU, your sale counts to US GDP but doesn't meaningfully influence lives of US citizens. It was completely different 100 years ago when all of the supply chain was within US and resulted in creation of wealth, jobs and products all contained within US borders

[–] frankPodmore@slrpnk.net 2 points 4 hours ago* (last edited 2 hours ago)

Trade within itself doesn’t improve anyone’s life.

It does; it improves the life of the two (at minimum) people trading.

What improves people’s lives is availability of jobs and services

... which depend upon trade...

(along with other factors)

... like GDP!

If you’re Apple, you sell bunch of phones in Mexico, produce them in China and reinvest earnings in EU, your sale counts to US GDP but doesn’t meaningfully influence lives of US citizens

Yes, it does; it directly improves the lives of the people in the US who work for Apple and of their families, and also of Apple's shareholders in the US and elsewhere (perhaps, like me, you don't find yourself overly concerned with the quality of life of Apple's shareholders, but they are people and Apple's sales do improve their lives, and that is what is in question); indirectly, it improves the lives of the various other people that the employees and shareholders buy from and sell to.

t was completely different 100 years ago when all of the supply chain was within US and resulted in creation of wealth, jobs and products all contained within US borders

This has never been the case for almost any country anywhere in the world, but especially not for the US, which has always had a complex economy relying on global trade. Indeed, the US wouldn't exist at all without international trade; it would have been impossible for colonialism to happen at all if foreign trade didn't profit individuals along the supply chain.