GROSS DOMESTIC PROBLEM

ANU TV, Australia
2017,   17 min 4 sec

In this video ANU academics Robert Costanza and Ida Kubiszewski discuss the limitations of GDP as a measurement of societal success and assess alternatives with Lorenzo Fioramonti. Fioramonti states that GDP was never meant to be an indicator of success in normal conditions, it is a measure of material consumption within the formal economy.

Constanza adds that in World War II it was very helpfull as a tool for understanding production of war material. In these normal (non-war)days, when a natural disaster occurs, GDP goes up, explains Kubiszewski. That means it looks like a benefit but in fact it is a cost to society in many ways. On the other hand a lot of important components to society, such as volunteer work, household work, stay at home moms, are being ignored in the system of GDP.