Why do people measure the value of all the goods produced domestically during a year?
From Wikipedia: “GDP was first developed by Simon Kuznets for a US Congress report in 1934. … After the Bretton Woods conference in 1944, GDP became the main tool for measuring a country’s economy.”
Yes, the GDP number is, of course, imprecise. By itself it’s not a problem—most of our measurements are imprecise.
I am not sure what are you getting at. Do you think that GDP is useless or cannot be measured or what?
From Wikipedia: “GDP was first developed by Simon Kuznets for a US Congress report in 1934. … After the Bretton Woods conference in 1944, GDP became the main tool for measuring a country’s economy.”
Yes, the GDP number is, of course, imprecise. By itself it’s not a problem—most of our measurements are imprecise.
I am not sure what are you getting at. Do you think that GDP is useless or cannot be measured or what?