"GDP thinking" versus SNA - the greatest invention of the 20th century

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dc.contributor.authorAslamazishvili, Nana
dc.date.accessioned2026-03-18T13:18:33Z
dc.date.available2026-03-18T13:18:33Z
dc.date.issued2024
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dc.description.abstractFor nearly eight decades, Gross Domestic Product (GDP) has remained at the center of economic analysis, international comparisons, economic and social policies, and strategic decisions. During this time, both his fetishization and criticism also became a common story. However, over time, in parallel with the increase in the level of his fetish, the depth of knowledge about him began to decrease, and it became completely superficial not only among researchers, but even among national accountants. It seems that it has become too trivial for them to rethink/update knowledge about which economic category they are dealing with, what is its nature, how to explain its development trajectory, etc., especially in today's rapidly changing world. GDP is a child of the System of National Accounts (SNA). The complexity of this system, on the one hand, and the lack of enthusiasm to delve into its essence, on the other, lead to a deepening in the gap between GDP and knowledge about it. Well-known researchers of national accounts (see, for example, Prof. Frits Bos) write and talk quite openly about this, and it is impossible not to agree with it. Nevertheless, the SNA is deservedly named among the great inventions of the 20th century, and this fact cannot remain unnoticed by its users. This means that the fundamental principles on which not only the calculation of GDP but also the entire business process of producing macroeconomic statistics are based deserve a deep understanding. It is extremely important to note that the challenges that time has brought, and which can often make GDP the subject of criticism, do not mean that the SNA has exhausted its potential or that its uniqueness has become questionable. The purpose of this paper is to shed light on the main methodological findings through which SNA was formed into a unique accounting system and thus became one of the greatest inventions of the 20th century. In this paper, we present view, not that the SNA calculates GDP, but how it calculates GDP, which we believe is what actually earns the system a place among the greatest inventions. On the other hand, the paper examines some aspects of the recent criticism of GDP and points to the dangers that can be appeared by developing this issue unwisely; it tries to consider whether the arguments of GDP critics to replace it with other statistical instruments are justified.
dc.identifier.citationIX International Scientific Conference: "Challenges of Globalization in Economics and Business", Proceedings , Tbilisi, 2024, pp. 39-49
dc.identifier.isbn978-9941-36-414-3
dc.identifier.urihttps://dspace.tsu.ge/handle/123456789/2727
dc.language.isoen
dc.publisherIvane Javakhishvili Tbilisi State University Press
dc.title"GDP thinking" versus SNA - the greatest invention of the 20th century
dc.typeArticle
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