Chapter 3-Eudaimonia: A Better Path to Prosperity
Listen to what the great Simon Küznets himself—1971 winner of the Nobel Prize in economics, the man who conceptualized and defined GDP and the architecture of America’s National Incomes and Products Accounts in the turbulent wake of the Great Depression—said pointedly to the U.S. Congress: “The welfare of a nation can scarcely be inferred from a measurement of national income.” The key word in Küznets’s warning is “welfare”: the sheer volume of output an economy can produce, import, export, or finance, Küznets is saying, sketches only the crudest outlines of literally how well human exchange causes people, communities, society, and future generations to fare.
Consider an analogy. The very first ...
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