Though I should clarify that when I talk about “the size of the economy” I’m talking about something intangible—the ‘wealth of the nation’, or more precisely the ‘nation’s rate of wealth-creation’ - rather than simply GDP. Perhaps GDP will reflect the changing rents, perhaps not, depending on which type of GDP we’re talking about (I seem to recall that there are several, including a ‘spending’ measure and an ‘income’ measure.)
Though I should clarify that when I talk about “the size of the economy” I’m talking about something intangible—the ‘wealth of the nation’, or more precisely the ‘nation’s rate of wealth-creation’ - rather than simply GDP. Perhaps GDP will reflect the changing rents, perhaps not, depending on which type of GDP we’re talking about (I seem to recall that there are several, including a ‘spending’ measure and an ‘income’ measure.)