History
GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare (see below under limitations and criticisms). After the Bretton Woods conference in 1944, GDP became the main tool for measuring a country's economy.
Read more about this topic: Gross Domestic Product
Famous quotes containing the word history:
“There is a history in all men’s lives,
Figuring the natures of the times deceased,
The which observed, a man may prophesy,
With a near aim, of the main chance of things
As yet not come to life.”
—William Shakespeare (1564–1616)
“Anything in history or nature that can be described as changing steadily can be seen as heading toward catastrophe.”
—Susan Sontag (b. 1933)
“All history becomes subjective; in other words there is properly no history, only biography.”
—Ralph Waldo Emerson (1803–1882)