The Little Big Number

The Little Big Number

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Philipsen, Dirk Princeton University Press, 2015
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IN THIS SUMMARY

In The Little Big Number, Dirk Philipsen explains that Gross Domestic Product (GDP) is an economic tool that economists, statisticians, and financial experts use as a universal measure of performance. GDP was developed during the Great Depression to describe the impacts that the economy was having on the people of the United States. Over time, it has morphed to represent an overarching goal for countries throughout the world: a singular focus on growth and output. Countries work tirelessly to enhance their GDP because that is how their success is measured, but in doing so, they are ignoring the importance of sustainability, quality of life, and reducing inequalities. Instead, countries should redefine their values, set the direction that they choose for their economies, and establish new measures that will help them to work toward more impactful goals.