On The Disadvantages Of GDP As A Universal Macroeconomic Indicator

Occupation: Chief Researcher
Affiliation: Institute of Economics, Russian Academy of Sciences
Address: 32, Nakhimovskii Prosp., Moscow, 117218, Russian Federation

Journal name

Obshchestvo i ekonomika

Edition

Issue 2

Pages

61-79

Abstract

The article explains the shortcomings of GDP as a macroeconomic indicator, which do not allow it to accurately represent the real state of the economy: GDP is based not on the quantity of the goods produced, but on the amount of human labor spent in the country; it is calculated in monetary form on the ba-sis of market prices and tariffs; it distorts cross-country comparisons; it takes into account productive and unproductive, and even useless and destructive labor on an equal basis. The author suggests upgrading the economic indica-tors used in cross-country comparisons and supplementing the GDP with the "gross commodity product" indicator, which reflects the state of only the real sector of the economy, including manufacturing, transportation, R&D and marketing segments

Keywords

gross domestic product, calculation shortcomings, cross-country comparisons, improvement opportunities, gross commodity product

Received

14.03.2023

Publication date

14.03.2023

Number of characters

43998

Cite

GOST	Knyazev Y. On The Disadvantages Of GDP As A Universal Macroeconomic Indicator // Obshchestvo i ekonomika – 2023. – Issue 2 C. 61-79 [Electronic resource]. URL: https://oie.jes.su/S020736760024281-8-1 (circulation date: 05.11.2024). DOI: 10.31857/S020736760024281-8
MLA	Knyazev, Yuri K "On The Disadvantages Of GDP As A Universal Macroeconomic Indicator." Obshchestvo i ekonomika 2 (2023):61-79. DOI: 10.31857/S020736760024281-8
APA	Knyazev Y. (2023). On The Disadvantages Of GDP As A Universal Macroeconomic Indicator. Obshchestvo i ekonomika (2), pp.61-79 DOI: 10.31857/S020736760024281-8

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