Ethical economics: GDP is not a good indicator

As Joseph E. Stiglitz points out in his review in Foreign Affairs Nov/Dec 2005 of "The Moral Consequences of Economic Growth" by Benjamin M. Friedman, Harvard economist......one doesn't look at a company's revenues alone to determine how well it is doing. A balance sheet shows liabilities. William Greider's "Soul of Capitalism", speaks eloquently on this topic as does the book Greed and Good mentioned in an earlier post.

I would offer this short easy argument:

Deficits are liabilities.
Uninsured citizens are liabilities.
Under-educated citizens are liabilities,
Inadequate public safety services are liabilities,
Degrading air, water, and the earth's climate are liabilities.
Increased crime is a liablity.
Feel free to add more...(that's what "Comments" is for!)

Ironically building prisons and funding their employees is a significant contributer to GDP
GDP is an indicater of growth in money, not how wisely it is spent for the country.
Corporations have an amoral mandate to make money only, there is no moral compass that guides competition.
This moral compass is us, the American people. And this "us" is represented by our government.
Government makes the rules, and fairness (morality) is the higher purpose of rules, whether in games or in life.
For a more thorough definition of GDP, this New Zealand site has an excellent explanation.