| Posted on | Share-Market-Finance
How will we measure GDP if all work is done by AI and on automation?
Entrepreneur | Posted on
GDP or Gross Domestic Product is the value of all final goods and services produced, in a given year, within the domestic territory of the country. So, it matters less whether it is humans or machines that are producing goods and services in a country. You simply add up the value of all final goods and services and then divide it with the nation’s total population to come up with GDP per capita.
There’s no correlation – as of now – whatsoever, in terms of calculation, between GDP and services/products produced by machines.
That being said, problem or no in calculating this figure, it’s long established that Gross Domestic Product index is NOT the right parameter to measure the development and prosperity of a country. GDP completely overlooks unemployment rate, poverty, inequality and so many other important factors. It’s high time that we do away with it. Instead, we must go the Bhutan-way of calculating a much saner and fitting index of Gross National Happiness.
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