Why GDP is a faulty measure of success

SHORTLY BEFORE BRITISH VOTERS TOOK WHAT most economists regarded as the suicidal decision to leave the E.U., Anand Menon, a professor of European politics at King’s College London, was in the northern city of Newcastle. A long way from prosperous London, Menon gave a talk in which he echoed the standard economists’ view that a vote for Brexit would damage Britain’s gross domestic product. A woman in the audience heckled back, “That’s your bloody GDP. Not ours.”

You're reading a preview, sign up to read more.

More from TIME

TIME1 min read
Sridevi Kapoor
SRIDEVI KAPOOR CHANGED THE COURSE OF INDIAN cinema. At the age of 4, she swapped playgrounds for movie sets and friends for directors and made 70-mm film her canvas. Sridevi was India’s first female superstar, and at the time of her passing, on Feb.
TIME1 min readPolitics
Boko Haram Strikes At The Schoolyard Again
BOKO HARAM SEIZED 110 TEENAGE GIRLS ON Feb. 19 in the town of Dapchi in Nigeria’s northeastern Yobe state. The kidnapping has revived painful memories of the terrorist group’s 2014 abduction of 276 girls from a school in Chibok. TARGETED ATTACK Arme
TIME2 min readPolitics
USA Swimming chiefs in hot water Top USA Swimming officials came under fire for allegedly allowing a culture of sexual abuse and misconduct to exist for decades without challenge. Two officials resigned following the publication of a scathing invest