How can we measure the economy in a way that assesses the well-being of everyday Americans?

By Evan Dawson,

Published May 15, 2024 at 2:46 PM EDT

A smiling man wearing headphones sits at a table in a radio talk studio: he is bald and wearing a blue suit jacket and blue button-down shirt — Eric Morris

A smiling man with short dark hair wearing a blue button-down shirt and a grey blazer. He is holding a pair of eyeglasses. The word "Connections" appears on the left side of the photo in vertical letters.

How is the economy doing? That question opens a recent essay in the Wall Street Journal.

Despite polls showing Americans of all political parties are dissatisfied with the economy, the data proves otherwise. As the Journal reports, “Despite fears of a recession, the economy has looked strong: Though [April 25’s] surprisingly weak GDP rise spooked investors, overall GDP has increased in 13 of the last 15 quarters, the Dow Jones Industrial Average has reached record highs, the unemployment rate is a paltry 3.8% and inflation has slackened.”

The essay’s authors argue it’s time to include new ways of measuring the economy – methods that assess the well-being of everyday Americans.

We discuss it all with our guest:

Eric Morris, Ph.D., staff economist for Alesco Advisors