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> GDP overcounts:anything we spend money on is GDP It's not as if they are blind to the problem. Economists understand this, but laypeople tend to, out of a d
by vinceguidry 10y ago
> GDP overcounts:anything we spend money on is GDP
It's not as if they are blind to the problem.
Economists understand this, but laypeople tend to, out of a desire for simplification, subconsciously conflate the concept of GDP with "health of the economy". There is an old joke about how when an economist marries his housekeeper, the GDP of his nation goes down.
There's a raft of different metrics that economists have devised to get around the problem that not everything that's measured is relevant, and not everything that's relevant is measured. Of course, you have to be an economist to really understand them.