I attended the British Association for the Advancement of Science Conference in Birmingham in 1977, and even then economists were asking whether GDP was a useful measure. The example I remember was eating more sweets and consequently visiting the dentist more often.
Should we be quite so concerned about goosing GDP with quantitative easing etc, or is it just a trap to make us continue misallocating resources?
8 comments:
Advancement of science eh? Does it need it?
Change in GDP - Change in Debt.
James - yes, or we'd still be hacking flints and shivering.
ACO - quite, wish the Treasury and BoE and FSA agreed. Though that doesn't address the sweets-and-dentist thing.
Sackerson - if only we could get our leaders and the populace to understand what you said in your comment.
I didn't realise you were so old! ;-)
Inside, there is no age.
"Sackerson said... Inside, there is no age."
Either Confucius, or the wrapper on a Twinkie (non-US residents look that up).
I categorically deny that I am a Twinkie.
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