In the capitalist propaganda machine known as college economics classes, students are indoctrinated into the “rational” workings of capitalism. One of its foundation stones is that the Gross Domestic Product is somehow connected to social well-being and social welfare. Even within a capitalist framework, this doesn’t work because it: a) ignores the unpaid labor of housework, and; b) ignores pollutants and global warming which are treated as “externalities” rather than something to be paid for. In his blog, Michael Roberts also explains why GDP does not measure up from a Marxian view-point.
Read on Michael Roberts Blog
