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Old 09-04-2012, 12:34 PM   #1
Ground Beetle
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Why country's GDP is quite irrelevant number, frankly..

this comes from a newsletter I am subscribed to, and indeed, it was quite illuminating:

Quote :
GDP as a concept is absurd. Government spending is counted as a positive. So a government that spends money digging holes, and refilling them is adding to its country's GDP.
Despite the accurate description of many government programs above - the whole concept above is fundamentally true. So, are you feeling better now, reading that GDP is growing/contracting, or whatever, as a measure of "economic growth"? It truly is meaningless macroeconomic variable, seemingly, and worse still - TARGETING it at some X% a year, is even more nonsense - trying to stimulate/manipulate the reality, to produce some abstract number, at the end of the year, a number that isn't even relevant?

Thoughts, anyone?
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Old 09-04-2012, 12:56 PM   #2
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Targeting is laughable when they can just change the meaning (composition) of the measuring stick.
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