Treasury admits GDP used inappropriately

The ABC’s Shraysi Tandon reports:

A senior Treasury official has admitted that his department has been guilty of overusing gross domestic product (GDP), after recognising that it is a flawed measure of economic wellbeing and social progress.

The Treasury’s macroeconomics director Dr David Gruen told an audience at the NatStats conference in Sydney today that the body uses gross domestic product to measure economic wealth despite knowing its limitations.

David Gruen’s presentation: Measuring Progress: From Theory to Practice

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