ECONOMICS FOR REAL PEOPLE: ‘The GDP Delusion”
Here’s the word on tonight’s discussion from our friends at the UoA Economics Group:
Tonight we will discuss one of economics' most frequently cited statistics - Gross Domestic Product (GDP). GDP is often used to measure economic growth and it forms an important part of most courses in economics while also playing an important role in shaping government policy. However, often we accept such ideas without critical examination and without assessing the extent to which it achieves what it is claimed to do.
So in this seminar we will define GDP and show where and how it is applied by economists. But more importantly, we will examine its apparent deficiencies and weaknesses. How is it that in the midst of the current recession, GDP is shown to be rising but that the underlying real-world economic fundamentals continue to deteriorate? Should the concept of GDP be shown to be an empty concept, then the implications and consequences are far reaching for us all. We will discuss what these consequences might be.
Date: Tonight, Tuesday 18th October
Location: University of Auckland Business School, Level 0, Case Room 5
NB: Note the change in room, to Case Room 5.