The Story
Widely used since the midtwentieth century, GDP (gross domestic product) has become the worlds most powerful statistical indicator of national development and progress. Practically all governments adhere to the idea that GDP growth is a primary economic target, and while criticism of this measure has grown, neither its champions nor its detractors deny its central importance in our political culture.In The Power of a Single Number, Philipp Lepenies recounts the lively history of GDPs political acceptanceand eventual dominance. Locating the origins of GDP measurements in Renaissance England, Lepenies explores the social and political factors that originally hindered its use. It was not until the early 1900s that an ingenuous lonewolf economist revived and honed GDPs statistical approach. These ideas were then extended by John Maynard Keynes, and a more focused study of national income was born. American economists furthered this work by emphasizing GDPs ties to social wellbeing, setting the stage for its ascent. GDP finally achieved its singular status during World War II, assuming the importance it retains today. Lepeniess absorbing account helps us understand the personalities and popular events that propelled GDP to supremacy and clarifies current debates over the wisdom of the numbers rule.
Description
Widely used since the midtwentieth century, GDP (gross domestic product) has become the worlds most powerful statistical indicator of national development and progress. Practically all governments adhere to the idea that GDP growth is a primary economic target, and while criticism of this measure has grown, neither its champions nor its detractors deny its central importance in our political culture.In The Power of a Single Number, Philipp Lepenies recounts the lively history of GDPs political acceptanceand eventual dominance. Locating the origins of GDP measurements in Renaissance England, Lepenies explores the social and political factors that originally hindered its use. It was not until the early 1900s that an ingenuous lonewolf economist revived and honed GDPs statistical approach. These ideas were then extended by John Maynard Keynes, and a more focused study of national income was born. American economists furthered this work by emphasizing GDPs ties to social wellbeing, setting the stage for its ascent. GDP finally achieved its singular status during World War II, assuming the importance it retains today. Lepeniess absorbing account helps us understand the personalities and popular events that propelled GDP to supremacy and clarifies current debates over the wisdom of the numbers rule.
