Tag: Measures

GDP – Flaws

At present, GDP is universally taken to be shorthand for national well-being Richard Tomkin, assistant director of the ONS – Office for National Statistics – says: “GDP is used as an all-encompassing proxy for people’s living standards although never designed for this and it doesn’t fully capture” However, it was the late Robert Kennedy who said: …

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Aggregation hides info needed

Current measures of productivity become less and less useful the higher the level they go: Aggregation increasingly blurs the performance picture Apples get mixed with pears Specific inputs used for specific outputs and outcomes get lost in the mix At national level, this aggregation problem is at its worst, compounded by much output and most …

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Work hard or work well?

Many say the secret for a good life is ‘work hard and play hard’ Leila Hock, in an article for Career Contessa, disagrees – ‘work hard’ apparently “makes my eyes roll a little” She believes we’ve become too preoccupied with “the grind” and it’s actually bringing us down – “It has a negative effect on …

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Financial cardinals needed

Of the many financial measures available, only three qualify as financial cardinals – the ones whose alarm bells must ring to prompt action in good time They are total revenue, total cost and profitability They’re ‘catch-all’ measures covering all outputs, outcomes and inputs: Total revenue covers net outputs sold and outcomes the customers took into …

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Misleading research metrics

In an article entitled ‘Capitalism is ruining science’, Meagan Day (for www.jacobinmag.com) points out that universities existed before capitalism and pursued not profit but truth and knowledge But no longer The modern university has become increasingly subservient to the imperatives of capitalism i.e. competition, profit maximisation and increasing labour productivity In academia, this manifests itself as …

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