“A great revolution is waiting for us,” once said Nicolas Sarkozy, former French president, at Sorbonne University in 2009. He continued, “For years, people said that finance was a formidable creator of wealth, only to discover one day that it accumulated so many risks that the world almost plunged into chaos.”
Sarkozy referred to the world recession of 2008. He said reliance on GDP statistics for policy creation was a major factor. He also said that dealing with the aftermath not only makes us, “free to imagine other models, another future, another world. It obliges us to do so.” This reimagining came from a report Sarkozy commissioned to Nobel Prize-winning economists Joseph Stiglitz and Amartya Sen and their team about critiquing GDP as an indicator of progress.
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