069: Diane Coyle on GDP, Its Shortcomings and Alternative Measures

Diane Coyle is Professor of Economics at the University of Manchester and runs the consultancy Enlightenment Economics. Diane specialises in competition analysis and the economics of new technologies and globalisation. Diane is the author of several books, including GDP: A Brief But Affectionate History, The Economics of Enough, The Soulful Science, Sex, Drugs and Economics and Paradoxes of Prosperity. Diane has a PhD from Harvard and was awarded the OBE in January 2009. In this episode you will learn: what is GDP and how it is measured. the complications with understanding the meaning of GDP. the historical origins of GDP and why it is used to measure our economy. the complications in measuring GDP. how GDP data is still collected in such an ‘old-fashioned’ way and the new methods to collecting data. about the uncertainty and margin of error in GDP statistics. why it is wrong to make fiscal policy, monetary policy and interest rate decisions on GDP statistics. what proxy variables were used to measure economic activity before GDP was introduced. why we should re-think the meaning of the economy. and much more. Check out the links and resources mentioned in this episode at www.economicrockstar.com/dianecoyle