Economics, happiness, and life-coherent societies

by Jeff Noonan In a 2007 report on the environmental and economic impact of intensified exploitation of the Alberta Oil Sands, then Chief Economist of the Toronto Dominion Bank, Don Drummond, re-affirmed orthodox economics’ faith in Gross Domestic Product (GDP) as a measure of economic performance. “Gross Domestic Product,” he wrote, is the best available indicator of the overall health of the …economy, as it measures the market value of the goods and services produced.” [1] I begin with this example because the oil sands, at current global oil prices, are both hugely profitable and massively environmentally destructive. [2]  GDP … Continue reading Economics, happiness, and life-coherent societies