Here's why the go-to metric for assessing economic strength is far from perfect — and might need an update

Gross domestic product has long served as the standard measurement for national economies, with its historical precedent and simplicity making it appealing to everyone from economists to investors. However, the formula for GDP leaves out factors that are growing increasingly crucial in today's economy. Some experts argue the measurement is slow to account for the rapidly developing service industry, doesn't account for sustainability, and leaves social movements in the dark.

Gross domestic product has long served as the standard measurement for national economies, with its historical precedent and simplicity making it appealing to everyone from economists to investors. However, the formula for GDP leaves out factors that are growing increasingly crucial in today's economy. Some experts argue the measurement is slow to account for the rapidly developing service industry, doesn't account for sustainability, and leaves social movements in the dark.

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