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Limitations of GDP and GDP Per Capita as Measures of Wellbeing
Robert Kennedy's 1968 Critique of Measuring Living Standards
In a well-known 1968 speech, Senator Robert Kennedy challenged the idea of using 'the mere accumulation of material things' to gauge a nation's well-being. He highlighted a fundamental flaw in how the US measured its living standards, noting that it included societal negatives like air pollution, cigarette advertising, and the cost of jails. Conversely, it ignored crucial positive contributors to quality of life, such as public health, education, and national pride. Kennedy concluded that such metrics measure 'everything, in short, except that which makes life worthwhile.' The full speech is available in both text and audio formats for further exploration.
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Robert Kennedy's 1968 Critique of Measuring Living Standards