GDP AND NATIONAL ACCOUNTING: HISTORY, MODERN TIMES AND DEVELOPMENT PROSPECTS

The article examines the history of the creation of the GDP indicator and the System of National Accounts. The article analyzes the current dynamics of nominal GDP and GDP at purchasing power parity (PPP) in absolute terms and per capita in Russia, the USA, the UK, China and India. The critique of GDP as an indicator created for capitalist economies is examined. National inclusive wealth, which takes into account natural, human, social, produced and financial capital, has been proposed to replace GDP as a measure of welfare and wellbeing. The implementation of national inclusive wealth will enable to increase funding to achieve the Sustainable Development Goals.

1. Landefeld, J. S. (2000) GDP: One of the great inventions of the 20th century. Survey of Current Business. (January), 6-14.

2. Fioramonti, L. (2013) Gross domestic problem: The politics behind the world's most powerful number. London, Zed Books.

3. Petty, W. (1691) The political anatomy of Ireland. With the establishment for that Kingdom when the late Duke of Ormond was Lord Lieutenant. Taken from the records. To which is added Verbum sapienti; or an Account of the wealth and expences of England, and the method of raising taxes in the most equal manner. Shewing also, that the Nation can bear the charge of four millions per annum, when the occasions of the Government require it. London, printed for D. Brown, and W. Rogers, at the Bible without Temple-Bar, and at the Sun over-against St. Dunstans Church, Fleetstreet.

4. Coyle, D. (2014) GDP: A brief but affectionate history. Princeton, Princeton University Press.

5. Carney, M. (2021) Value(s): Building a better world for all. Toronto, McClelland & Stewart.

6. Bos, F. (2008) Uses of national accounts: History, international standardization and applications in the Netherlands. Eagle economic & statistics working paper.

7. Marshall, A. (1890) Principles of economics. Vol. I, 1st ed. London, Macmillan and Co.

8. Kane, R. E. (2012) Measures and motivations: U.S. national income and product estimates during the Great Depression and World War II. Munich working paper.

9. Keynes, J. M. (1940) How to pay for the war: A radical plan for the chancellor of the exchequer. London, Macmillan and Co., Limited, St. Martin’s Street.

10. Wolf, M. (2023) The crisis of democratic capitalism. New York, Penguin Press.

11. Gaida, J., Wong-Leung, J., Cave, D., Robin, S. (2023) ASPI’s critical technology tracker: The global race for future power. Policy brief report. Australian Strategic Policy Institute.

12. Schmelzer, M., Vetter, A., Vansintjan, A. (2022) The future is degrowth: A guide to a world beyond capitalism. London and New York, Verso.

13. Kotler, P. (2015) Confronting capitalism: Real solutions for a troubled economic system. New York, AMACOM.

14. Sanders, B., Nichols, J. (2023) It's OK to be angry about capitalism. New York, Crown.

15. Fioramonti, L. (2017) The world after GDP: Politics, business and society in the post growth era. Cambridge, Policy Press.

16. Fioramonti, L. (2017) Wellbeing economy: Success in a world without growth. Johannesburg, Pan Macmillan South Africa.

17. Smith, R., Zoundi, Z., Bizikova, L. (2022) Moving beyond GDP to achieve the SDGs. Policy brief. The G20 Insights Platform.

18. Zoundi, Z., Snower, D. J., Smith, R., Miranda, K. L., Bizikova, L. (2022) Moving beyond GDP: A stock-flow approach to measuring wellbeing for the G20. Policy brief. The G20 Insights Platform.