A new measure of how the economy is doing

While we are waiting for today's inflation figures, there is a chance to talk about something interesting. Economists talk about the Gross Domestic Product and are always worried about the growth of the economy. However, there are people who are critical of GDP as a measure of how the economy is doing. The measurement only takes a guess at the informal sector, it does not take into account damage to the environment and says nothing about how equal or unequal income is distributed. There is now a new measure that tries to address this last point. * The Economics Minute is supported by the NWU Business School. Also, check out my new page www.econ101.blog.