Joseph Stiglitz - Problems with GDP as an Economic Barometer

While we all measure "success of country in GDP growth",Truth about GDP number is very nicely explained here by Nobel Prize Winning Economist Joseph Stiglitz. After hearing this and  similar comment by Peter Schiff in which he said if you have Hurricane Katrina, GDP Grows :)  To me now "GDP" sounds like "economic chaos" done by country in year. It's nothing to do with productivity of nation / real growth of people's quality of life. Basically it's nothing to be proud about for any nation.