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.”

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