Is GDP Per Capita is a "Garbage Metric"?

The Missing Middle with Mike Moffatt and Cara Stern

A lot of people have been challenging the notion that GDP is a good measure of the economy. Instead, they suggest, we should look at GDP per capita to determine whether life is getting better for individuals, rather than the country as a whole.
But is GDP per capita an economic triumph or a "garbage metric"?
In this 23-minute discussion, Smart Prosperity Institute https://institute.smartprosperity.ca/ economist Mike Moffatt and journalist Cara Stern talk to Armine Yalnizyan, Economist and Atkinson Fellow On The Future Of Workers, explore the limitations of GDP per capita as a measure of economic health and well-being.
The conversation highlights the issues of income distribution, the influence of tax havens and oil-producing countries on GDP per capita rankings, and the need to consider factors such as productivity and demographic changes. The discussion also touches on the challenges of measuring the digital revolution's impact on GDP and the importance of collecting real-time data.
Guest: Armine Yalnizyan https://twitter.com/ArmineYalnizyan
This podcast is funded by the Neptis Foundation https://neptis.org/

Hosted by Mike Moffatt & Cara Stern

Produced by Meredith Martin

This podcast is funded by the Neptis Foundation and brought to you by the Smart Prosperity Institute.

अध्यायों

1. Introduction (00:00:00)

2. Definition of GDP and GDP per capita (00:00:45)

3. Issues with GDP per capita (00:01:16)

4. Tax recycled into the economy (00:02:00)

5. Productivity conundrum (00:02:30)

6. Mike Moffatt on GDP per capita (00:03:30)

7. Assessment of Canada’s Economic Health (00:05:12)

8. Growth for growth sake? (00:06:50)

9. Importance of Growth - zero sum economies (00:07:17)

10. Hobbesian state of nature (00:08:30)

11. Demographic Factors and GDP Growth (00:09:30)

12. Challenges in Measuring Productivity (00:10:37)

13. We don't measure what we spend on e-purchases (00:11:00)

14. We don't measure zero marginal cost products (00:12:30)

15. Challenges in Data Collection (00:13:40)

16. More competition? (00:14:27)

17. Constant returns (00:15:18)

18. Impact of Private Equity on Productivity (00:16:22)

19. Understanding Antitrust (00:17:22)

20. How do we move away from the productivity measurement? (00:19:40)

21. Public sector and public policy relies on privately owned data (00:20:30)