I'd like some economist to explain why we're seeing such bad effects now compared to in the middle of lockdowns when the government was giving away free money. I'm sure there is some delay in the market but just curious how all that works.
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.
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.
I'd like some economist to explain why we're seeing such bad effects now compared to in the middle of lockdowns when the government was giving away free money. I'm sure there is some delay in the market but just curious how all that works.
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.
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.
That doesn't make a lot of sense either.