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Stiglitz report contributes to resolve to change GDP indicator

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Tuesday, 22 September 2009

Stiglitz report contributes to resolve to change GDP indicator

On Monday 14 September President Nicolas Sarkozy took possession of the report of the panel chaired by economist and Nobel Prize laureate Joseph Stiglitz. France created the group in 2008 to examine the perception gap between GDP and economic reality. GDP is criticised for - amongst other things - failing to reveal the approaching economic crisis. The report submitted to the President of the Republic advocates twelve measures to “enrich” the GDP indicator. It says that the GDP measure is not wrong in itself, but is being wrongly used. The authors suggest looking at income and consumption rather than output, and advocate the appraisal of other factors (quality of life, leisure, housework) using different indicators. “France will fight to induce the international organisations to modify their statistics systems in line with the recommendations of the Stiglitz panel,” said Nicolas Sarkozy in a speech at the Sorbonne on 14 September. “All over the world people believe they are being lied to - that the figures are wrong, or, what is worse, are being manipulated,” added the President of the Republic.

Source: Euractiv