Part of it is that GDP includes government spending. Thus, if literally no one is working and getting paid by the money printer, GDP line still go up. Once the printer stops, GDP flatlines even though there is no actual difference in economic output.
Our whole economy is fake and gay. The US has long since off-shored most of its manufacturing in order to make stock market brrrrrrrr even harder. We're mostly a financialized ponzi economy now.
Churchill is a cunt, and that original quote is peak midwit.
Rothbard has a version of GDP that counts government spending as wealth destroyed. There is also another school of thought that economic health is best measured in savings, which I'm partial towards.
Well, yeah, but sometimes you need a git in your corner.
My wider point was that all of the methods of measuring the economy have some deficiencies. GDP is simply the one that has the most people comfortable with it's deficiencies.
Part of it is that GDP includes government spending. Thus, if literally no one is working and getting paid by the money printer, GDP line still go up. Once the printer stops, GDP flatlines even though there is no actual difference in economic output.
tl;dr GDP is a lie.
Our whole economy is fake and gay. The US has long since off-shored most of its manufacturing in order to make stock market brrrrrrrr even harder. We're mostly a financialized ponzi economy now.
Ha ha ha ha ha.
NOT FOR LONG
To paraphrase Churchill, GDP is the worst economic measurement.
Apart from all of the others.
Churchill is a cunt, and that original quote is peak midwit.
Rothbard has a version of GDP that counts government spending as wealth destroyed. There is also another school of thought that economic health is best measured in savings, which I'm partial towards.
Well, yeah, but sometimes you need a git in your corner.
My wider point was that all of the methods of measuring the economy have some deficiencies. GDP is simply the one that has the most people comfortable with it's deficiencies.
Most people are comfortable with GDP because they've been told GDP is important. People like lines that go up.
That doesn't make a lot of sense either.
He was the ancap, so it makes sense from that frame. Either way, GDP is fundamentally a political instrument.