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GDP: A Brief but Affectionate History - Revised and expanded Edition, by Diane Coyle
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Why did the size of the U.S. economy increase by 3 percent on one day in mid-2013--or Ghana's balloon by 60 percent overnight in 2010? Why did the U.K. financial industry show its fastest expansion ever at the end of 2008--just as the world's financial system went into meltdown? And why was Greece's chief statistician charged with treason in 2013 for apparently doing nothing more than trying to accurately report the size of his country's economy? The answers to all these questions lie in the way we define and measure national economies around the world: Gross Domestic Product. This entertaining and informative book tells the story of GDP, making sense of a statistic that appears constantly in the news, business, and politics, and that seems to rule our lives--but that hardly anyone actually understands.Diane Coyle traces the history of this artificial, abstract, complex, but exceedingly important statistic from its eighteenth- and nineteenth-century precursors through its invention in the 1940s and its postwar golden age, and then through the Great Crash up to today. The reader learns why this standard measure of the size of a country's economy was invented, how it has changed over the decades, and what its strengths and weaknesses are. The book explains why even small changes in GDP can decide elections, influence major political decisions, and determine whether countries can keep borrowing or be thrown into recession. The book ends by making the case that GDP was a good measure for the twentieth century but is increasingly inappropriate for a twenty-first-century economy driven by innovation, services, and intangible goods.
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Product details
Paperback: 184 pages
Publisher: Princeton University Press; Revised ed. edition (September 22, 2015)
Language: English
ISBN-10: 0691169853
ISBN-13: 978-0691169859
Product Dimensions:
5.5 x 0.5 x 8.5 inches
Shipping Weight: 12.6 ounces (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
61 customer reviews
Amazon Best Sellers Rank:
#374,996 in Books (See Top 100 in Books)
The complexities and the difficulties of GDP are not frequently discussed, but they are well-described here - so is the necessity for a growth measure like GDP. This well-written little book frankly discusses both the pluses of GDP as well as the minuses, warts and all. Only God knows how, but the writer explains the subject matter competently for both the layperson and the professional economist - which is extremely rare, but most welcome. This makes the book well worth reading - to both laypersons and specialists alike.
Slim and readable: it only took me about three hours to go through it.Informative: it covers pretty much every issue I know of on the subject, the only exception I can think of being that she fails to educate the reader on the treatment of welfare state transfer payments (they are not included in GDP which, although that is mechanically correct, produces a misleading under-statement of government's role in the economy - a good chunk of the consumption in GDP is paid for with welfare state transfer payments that are not identified as such in GDP). Maybe also some topics are treated too lightly (household production) than others (surprising depth on financial services), but that's to be expected given the obvious intent to be brief. There were a couple recitations of formulas that I think are mis-stated but they were not significant to detract.Very good introduction to the topic, and more erudite and less polemical than I would have predicted when I opened it.Some of the other reviews, I think downgrade the book for not sharing the reviewer's ideological perspective. That is unfair to the author. The book's title is exceedingly accurate (which itself is rare in books in this field that often overstate their contents to make more sales): the author is not issuing a"a very conservative defense of GDP orthodoxy" to quote one such review. It is simply what the title says, a "brief but affectionate history". A basic understanding of the topic is a good thing in and of itself before one adopts a critical posture, and this book definitely contributes to such an understanding. Well done.
This updated edition provides an outstanding yet concise historical and conceptual foundation that not merely helps to grasp how the strengths of the aggregate variable known as GDP came to be so central to the thinking of economists and political leadership but also reveals the vulnerabilities and shortfalls born of arbitrary use of this quasi proxy variable and proxy variables in general. Will we eventually look to a different variable to determine such things as monetary policy for shaping domestic economic growth and standards of living as well as the approaches taken by the IMF, WB, and IDB toward struggling economies? After reading this, you might agree that there is room to explore the question.
I read GDP: A Brief but Affectionate History by Diane Coyle for three reasons: (1) to see if the book can be used as a textbook in a principles of macroeconomics class; (2) of course, to learn more about GDP and economic growth; and (3) to learn writing from an inspiring economics communicator.Arnold Kling rightly says that economic history can be used to teach macroeconomics more effectively. GDP presents a historical narrative of the evolution of GDP, which started as a result of war, and soon became the main macroeconomic indicator. So, yes, with a few explanations to clarify concepts, one can use the book in an introductory class on macroeconomics.The Gross Domestic Product has been criticised frequently. Critics argue, among other things, that GDP is not a good measure of social welfare, that it does not include the informal economy, and that it does not deal well with innovation. Those criticisms are justifiable and spot-on, but as Diane Coyle argues, in spite of its many handicaps the GDP is still a useful tool to measure economic performance. From the beginning GDP was not seen as a measure of social welfare, but of income and production. Of course, we need other indicators to measure welfare, but as far as income and production goes, the GDP is still useful. That does not mean that it is perfect, not at all. In fact, it needs serious modifications.I like Diane's writing style a lot. I follow her blog closely. However, I can not tell exactly what is so attractive about her writing. She explains her ideas and arguments with an almost optimal level of complexity, no more, no less. You can look at the way she describes GNP in the book. She could have given a long explanation but instead she just tells what is sufficient for understanding the main ideas in the book. The most important characteristic, I think, is that she asks big questions. At the end of the book she argues that, under the current digital and online economy, and everything that they imply we need a new definition of "the economy." That is a metaphysical claim of a mainly "physical" social science. So she makes one think big and not many writers can do that.Of course I am making huge simplifications of sharply elaborated arguments. .
Delivers exactly what the title promises: a presentation of the GDP concept emergence, its implementation heavily influenced by specific political and social conditions, its strengths and weaknesses as measuring tool. Everything is placed in the historical context, the disputes around various compromises are briefly presented and pro and cons arguments for various technical solutions adopted for measuring the economic activity are well balanced against each other. Yes, the GDP is far from being a perfect measure of economic activity and even less so for welfare or happiness. But when one understands its limits and biases, it still is a very useful instrument for the economists, the policy makers and the public at large. Wonderfully written.
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