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In conclusion, GDP is being asked to do much more than it was designed for. It was
developed for a world that no longer exists. Increasing production and productive
capacity was the economic goal in the midst of the Great Depression. The growth
of the autobot driven services economy, transfer pricing, record levels of inequality
and the dawn of the fourth wave of industrialisation, which is set to vaporise millions of
jobs by the introduction of self-driving cars to robots manufacturing goods instead of
people, requires a new approach to measuring economic health.
GDP (Consumption + Investment + Government + Exports – Imports) have served us well
for over seventy years. To take us into the twenty-first century, what is now required is
GDP+ or GDP 2.0.
16 QUARTERLY ECONOMIC BULLETIN 2016
