Posts Tagged gross domestic product

GDP Doesn’t Matter, GDP Per Capita Does

It’s 2008, and it looks like the US (and the globe?) may be headed for recession. Even if the economy doesn’t actually enter a recession (defined as two quarters of negative GDP growth), it will enter a period of slower growth during 2008. Just how much will that slower growth affect the US worker and population at large? While GDP measures the size of the total economy, it’s GDP per capita, the slice of GDP that an “average” American has, that really matters. While GDP per capita doesn’t take into account income inequality and other measures that impact individual well-being, it does a much better job of measuring how economic growth is impacting our lives over time.
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