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This is a BS political speech and it is very politically motivated. When you can't fix the economy (get GDP up), just claim the GDP doesn't matter. My country's
by csomar 4y ago
This is a BS political speech and it is very politically motivated. When you can't fix the economy (get GDP up), just claim the GDP doesn't matter. My country's president just claimed we should focus on National Happiness Product. Of course, when all your economical policies fail, economy is just numbers.
And no, having an accident doesn't increase GDP. If the passengers dies, that will remove their GDP from society. Riots are bad for business. The pandemic brought the GDP down even though Pfizer & Friends made record money.
GDP is the best measure of the size of an economy. Nominal GDP is the best measure of the power of an economy in its standing in the world, comparing to its at parity GDP.
- lkrubner 4y ago"When you can't fix the economy" The GDP was expanding at a fantastic rate, at the time. The 1960s were the last decade of strong economic growth, the USA has not seen anything like it in the last 50 years. Only the end of the 1990s seemed to briefly revive the golden years of the post-war boom.
- chaps 4y agoThe quote doesn't say it's not a bad measure of economy, nor that it doesn't matter.
- kevin_thibedeau 4y agoNothing rings truer than a rich guy who's set for life telling the poors to accept their lot in life.
- seanmcdirmid 4y agoThere are cases where GDP can be gamed. For example, constructing a building generated GDP, so does tearing it down. In fact, building it and tearing down even if the building is never used are both GDP positive operations. If it can be measured, Goodhart’s law reigns supreme.
- somedude895 4y ago> In fact, building it and tearing down even if the building is never used are both GDP positive operations. Sure, but in most countries buildings are built, used, and then torn down to replace them with something more valuable. I assume you're referring to China here, and yes, they're certainly gaming GDP to a certain extent. But it'll unravel at some point.
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