If we’re going to do metaphors, then yes, you’re right, but we also have to make sure we’re not drinking the bathwater. The bathwater is for bathing, not for drinking. GDP should be used a very rough cross-country comparison, not as a measure of how well the economy’s general ability to satisfy wants changes over short intervals.
Interestingly enough, I was arguing roughly your position a few years ago. But now, seeing how economist deliberately prioritize GDP over the fundamentals it’s supposed to measure, I can’t even justify defending it for purposes other than, “The US economy is more productive than Uganda’s.”
If we’re going to do metaphors, then yes, you’re right, but we also have to make sure we’re not drinking the bathwater. The bathwater is for bathing, not for drinking. GDP should be used a very rough cross-country comparison, not as a measure of how well the economy’s general ability to satisfy wants changes over short intervals.
Interestingly enough, I was arguing roughly your position a few years ago. But now, seeing how economist deliberately prioritize GDP over the fundamentals it’s supposed to measure, I can’t even justify defending it for purposes other than, “The US economy is more productive than Uganda’s.”