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Date: 2024-05-21 Page is: DBtxt003.php L0900-MM-World-GDP-1966-2006

GDP growth is a poor measurement of performance, progress and success

Peter Burgess COMMENTARY
When I first drafted this webpage I classified the page as part of the MONEY, BANKING AND FINANCE sector thus:
During 2022 there has been a substantial reorganization of my thinking about TVM and how it must work. Part of the goal has been to simplify TVM while at the same time making it more directly relevant to everyone with an interest in understanding key issues or, perhaps more importantly. realizing that they have a stake in the issues.

One of the issues is that everyone has a stake in is getting a better measure of socio-enviro-economic progress and performance and consigning GDP to the dustbin of history.

If one knows about some of the underlying socio-enviro-economic performance it is possible to explain why the total world GDP grew the way it did, and what contribution to this growth had its origin in North America ... mostly it seems in total that world growth of GDP has been stronger than that of North America, and most likely this growth came in large part from China and the other Asian Tigers.
Peter Burgess
What this shows
 •   World GDP from 1966 to 2014.
 •   The GDP of Canada and the USA for the same period.

What this shows in addition
 •   In the 1970s the USA experienced 'stagflation', but the world total GDP grew after the oil price realignment of 1973.
 •   In the 1980s World GDP growth slowed first and then accelerated.
 •   In the 1990s World GDP grew, then slowed, then grew again.
 •   After 2000, World GDP grew rapidly until 2008 when the financial system crashed.
 •   After major bail-out of the international banking system, world GDP recovered and continued to grow.

Note: GDP is NOT a good economic metrics
 •   Important caveat: problems with GDP as a metric of economic performance have been highlighted since the 1960s.

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