this post was submitted on 21 Mar 2024
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New Zealand economy shrinks, country in technical recession (www.newshub.co.nz)
submitted 7 months ago by BalpeenHammer@lemmy.nz to c/newzealand@lemmy.nz
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Anybody who thinks the best way out of a recession is austerity measures needs to have their heads examined.

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[–] pluckytree@lemmy.nz 1 points 7 months ago* (last edited 7 months ago) (1 children)

From Simon Kuznets, who invented GDP as a concept:

Economic welfare cannot be adequately measured unless the personal distribution of income is known. And no income measurement undertakes to estimate the reverse side of income, that is, the intensity and unpleasantness of effort going into the earning of income. The welfare of a nation can, therefore, scarcely be inferred from a measurement of national income as defined above.

If he can question it, then we certainly should instead of just accepting it because “we’ve always done it this way”.

[–] BalpeenHammer@lemmy.nz 0 points 7 months ago

If he can question it, then we certainly should instead of just accepting it because “we’ve always done it this way”.

It's like you didn't read anything I wrote at all.