In the “Broken Capitalism” series being published over at...

In the “Broken Capitalism” series being published over at The Guardian, Heather Boushey argues that the way academics measure economic growth is outdated and doesn’t show the full picture of the wealth gap between the 1% and the rest of us. Here’s her argument:

GDP used to be a good indicator of national income. If GDP rose 2%, most gained 2% across the board. But due to the current economic separation between the 1% and the 99%, simple GDP is no longer a valid measuring tool. Boushey gives us this example:

Take 2014. While aggregate national income grew by ...