Stiglitz on GDP
I won't argue the points, but they seem somewhat pedantic to me (even as a fellow pedant). I bet these two measures are highly correlated over time and across countries, so for most purposes the distinction is not crucial. Moreover, I doubt focusing on the wrong measure has really lead to any significant policy blunders. No politician wakes up in the morning and says, "Today, I am going to maximize GDP as measured by my national income accountants."