Fourth Industrial Revolution

https://quillette.com/2022/01/16/the-mismeasure-and-misuse-o…

the emergence and convergence of artificial intelligence, synthetic biology, and smart manufacturing.

We should be asking whether or not societies will be better off as a result of the Fourth Industrial Revolution.

And what measure will we utilize? The flawed measures of the past?

In the 1930s, the US Congress asked University of Pennsylvania economist Simon Kuznets to develop a uniform set of national accounts to help government officials better understand economic statistics during the Great Depression. These statistics became the prototypes of the Gross Domestic Product (GDP) and the Gross National Product (GNP), and would later earn Kuznets a Nobel Prize.
For nearly a century, economists have used a country’s GDP—the market value of the goods and services produced in a specific time period—as a metric for economic growth.

Although the GDP statistic is the most widely used metric for tracking economic growth, Kuznets realized its limitations early on. He warned that “the welfare of a nation can scarcely be inferred from measurement of national income” and that “distinctions must be kept in mind between quantity and quality of growth.” Also, while using GDP as a metric serves a purpose, it does not necessarily correlate with being better off.

Since social, health, and environmental factors are not represented in the GDP, alternative metrics are necessary to get a more comprehensive view and ensure informed policymaking that doesn’t exclusively prioritize economic growth.

3 Likes

“distinctions must be kept in mind between quantity and quality of growth.” Also, while using GDP as a metric serves a purpose, it does not necessarily correlate with being better off.

Since social, health, and environmental factors are not represented in the GDP, alternative metrics are necessary to get a more comprehensive view and ensure informed policymaking that doesn’t exclusively prioritize economic growth.


Yes exactly and solving many of these problems can be a set of growth industries.

Yes exactly and solving many of these problems can be a set of growth industries.

correction

growth industries we “dominate”. These are growth industries here and abroad already.