Gross domestic product is a useful measure of an economy’s production, hence its productivity, but it fails as a measure of welfare, economist Daniel Sichel argues in a new working paper, published by the National Bureau of Economic Research.

The professor from Wellesley College notes GDP has come in for widespread criticism of late, but says while there is room for improvement in its measurement, it still provides useful information. He recommends improving the statistic with “more complete”