GDP as a Measure of Economic Well-Being

The sense that recent technological advances have yielded considerable benefits for everyday life, as well as disappointment over measured productivity and output growth in recent years, have spurred widespread concerns about whether our statistical systems are capturing these improvements (see, for example, Feldstein, 2017). While concerns about measurement are not at all new to the statistical community, more people are now entering the discussion and more economists are looking to do research that can help support the statistical agencies.