GDP: The World's Most Powerful Formula and Why it Must Now Change Free Audiobook Download by Ehsan Masood

GDP is the most powerful formula in economics and it has been around for over 70 years, but it must now change. The formula is not only outdated, but it also doesn’t accurately measure progress because it fails to account for several of the largest issues the world faces today - inequality, climate change, and resource scarcity. With these problems on the rise, we need a new type of GDP that can effectively provide a holistic view of how well we are doing as a society.

The story behind the rise of GDP goes back to the late eighteenth century when John Stuart Mill published what came to be known as "The Principles of Political Economy." Mill's work was a break from classical economics which argued for self-sufficiency; instead, it focused on trade, production and capital.

The economy and the GDP are changing rapidly. With new technologies, global warming, and other factors taking over, many believe that the GDP is no longer accurate. Some of these changes include increased automation of human jobs and reduced dependence on natural resources as a result of new technology such as robotics, autonomous cars, and renewable energy sources. The GDP might be inaccurate because it doesn't take into account the growing number of people who can't find work or the increasing costs to maintain infrastructure and provide services.

Ehsan Masood's insightful book on the most powerful formula in economics, Gross Domestic Product, opens with an arresting statistic: "In the year 2000, there were almost as many people alive on earth as there had been in the whole of human history before then." This statistic is just one example of how Ehsan Masood's book focuses on the world's population and how GDP impacts them. The author takes a personal approach to explaining the impact that GDP has on everyone in a clear and understandable way.

GDP is the World's most powerful formula because it makes certain assumptions about the world and largely ignores other variables. It doesn't take into account, for example, that there are people who have fallen out of the global economy. GDP also fails to consider how cities and countries might be affected by climate change or new markets emerging around renewable energy. The author discusses some of these issues in the book, but what he really needs is a way to calculate an alternative formula that better reflects today's reality.

The high level of inflation in the 1970s and 1980s led to a booming economy, at least on paper. GDP has continued to skyrocket since then, reaching a record high of 66% in 2017. There are many reasons why GDP is the world's most powerful tool for economic understanding. The international perspective is one that needs to be considered before any decision is made about where we should invest our resources next.