Abstract

The GDP has suffered the severest consequences of the financial crunch. It has been grossly misused to raise private debt to such record levels that it has become public debt. GDP is a practical and consistent indicator, but it is ambiguous too. The mistake would be to use it as a measure of happiness. How can one demand happiness from economy? The Sermon of the Mount in the Gospel of St. Matthew was clear in stating that happiness cannot be measured by utility.