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Time For a New Yardstick?
by Louis Porter

Even when the worst of the current worldwide economic crisis ends, the U.S. economy will have fundamentally changed. What will that new economy look like? We may see slower economic growth, with more gradual ups and less precipitous declines. Perhaps fewer hours will be worked on average per year, but with higher productivity per hour. Whatever the changes, we will need to develop a new way of measuring how well our society is doing to supplement – or even replace – gross domestic product.