This article introduces the concept of "wasted GDP," arguing that GDP is wasted if it doesn't improve human welfare. Using the USA as a case study, the author analyzes Human Development Index (HDI) data to demonstrate that many countries outperform the USA on HDI despite having significantly lower GDP per capita. This suggests a substantial portion of US GDP is wasted from a human development perspective. The analysis estimates that the USA could have achieved similar or better HDI outcomes with substantially lower GDP, resulting in millions of tons less CO2 emissions and a smaller material footprint.
Publisher
Humanities & Social Sciences Communications
Published On
Oct 11, 2023
Authors
Morten Tønnessen
Tags
wasted GDP
human welfare
Human Development Index
economic analysis
CO2 emissions
material footprint
USA
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