As many economists have noted, GDP is a flawed measure of economic welfare. Leisure, inequality, mortality, morbidity, crime, and the natural environment are just some of the major factors affecting living standards within a country that are incorporated imperfectly, if at all, in GDP. Pete Klenow is the Ralph Landau Professor in Economic Policy and the Gordon and Betty Moore Senior Fellow at the Stanford Institute for Economic Policy Research.

Image courtesy of interviewee. January 15, 2018