[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,On the fourth of January, 1934,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,A young man delivered a report
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to the United States Congress
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that 80 years on,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,still shapes the lives of\Neveryone in this room today.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Still shapes the lives of\Neveryone on this planet.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That young man wasn't a politician,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,he wasn't a businessman,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,a civil rights activist,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or a faith leader.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,He was the most unlikely of heroes,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,an economist.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,(Laughter)
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,His name was Simon Kuznets
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the report that he delivered was called,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,"National Income, 1929-32"
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now, you might think that
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,this is a rather dry and dull report,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and you're absolutely right.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's dry as a bone.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But this report is the foundation
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of how, today, we judge the \Nsuccess of countries.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,What we know best as\NGross Domestic Product,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or GDP.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,GDP has defined and shaped our lives
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for the last 80 years.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And today I want to talk about \N
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,a different way to measure\Nthe success of countries.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,A different way to define \Nand shape our lives
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,for the nest 80 years.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But first, we need to understand
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,how GDP came to\Ndominate our lives.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Kuznet's report was delivered
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,at a moment of crisis.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The U.S. economy was plumetting
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,into the Great Depression.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and policy makers were \Nstruggling to respond.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Struggling because they didn't\Nknow what was going on.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,They didn't have data and statistics.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So what Kuznet's report gave them
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was reliable data on what \Nthe U.S. economy
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was producing,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,updated year by year.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And armed with this information,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,policy makers were, eventually,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,able to find a way out \Nof the slump.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And because Kuznet's invention
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was found to be so useful,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,it spread around the world.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And now today, every country
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,produces GDP statistics.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But, in that first report,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Kuznets himself delivered a warning.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's in the introductory chapter,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,page 7 he says,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,"The welfare of a nation can, therefore,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,scarcely be inferred
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,from a measurement of \Nnational income
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as defined above."
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's not the greatest soundbite \Nin the world,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And it's dressed up in the \Ncoursest language
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of the economist,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but his message was clear,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,GDP is a tool
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to help us measure\Neconomic performance.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's not a measure\Nof our wellbeing.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And it shouldn't be a guide
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to all decision making.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But we have ignored
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Kuznet's warning.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We live in a world where
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,GDP is the benchmark of sucess
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,in a global economy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Our politicians boast when\NGDP goes up,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Markets move
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and trillions of dollars in capital
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,move around the world
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,based on which countries\Nare going up,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and which countries \Nare going down.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,All measured in GDP.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Our societies have become
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,engines to create more GDP.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But we know that GDP is flawed.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It ignores the environment.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It counts bombs and prisons and progress.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It can't count happiness
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or community.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And it has nothing to say
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,about fairness or justice.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Is it any surprise,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that our world,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,marching to the drumbeat of GDP,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,is teetering on the brink
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of environmental disaster
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and filled with anger and conflict?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We need a better way\N
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to measure our societies.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,A measure based on the real things
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that matter to real people.