As COVID-19 prompts a reevaluation of institutions and standard methods of operating the world over, an opportunity exists to reorient our economic thinking so that it more closely corresponds to the realities of the modern economic landscape. It starts with abandoning GDP.

GDP (gross domestic product, sometimes expressed as gross national product (GNP), a distinction without significance for our purposes) is an anachronism—about as useful for telling us important things about the health of the modern economy as simply looking at the number of calories consumed by a person to determine their health.

GDP is simply the total monetary value of all the goods and services a society produces during a given time.



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