Welfare is a Stock, GDP is a Flow

I am not exactly sure if I heard him say it in his talk on 6 May 2021 as part of a series broadcasted by the Oxford Martin School, or if I read it in the first pages of his review, but it did provoke a train of thought, Sir Partha Dasgupta’s statement that “Welfare cannot be measured by GDP, since Welfare is a stock and GDP is a flow”.

The Beer Game

I have been participating in a group that was reading Complexity: A Guided Tour, by Melanie Mitchell. In one of our last sessions we set the book aside and explored the complexity of the supply chain.

Mental Models

One of the things I find important in relation to a 21st century economics education is systems thinking. But when discussing systems thinking with interested others I often find that it is such a huge concept.