Interesting facts about life, finances, business; some will debunk common misconceptions.
Gross Domestic Product (GDP) as the vital economy’s performance metrics isn't relevant as the sole measure of economic progress. Simon Kuznets, an economist at the National Bureau of Economic Research, developed the GDP measure after the Great Depression and World War II. His goal was to capture economic production by individuals, companies, and the government in a single measure. He expected it to rise in good times and fall in bad. However, in 1934, in his report (page seven) to the U.S. Congress, on the National Income, 1929-35, Kuznets warned, “The welfare of a nation can scarcely be inferred from a measurement of national income.”
