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by octbash
2392 days ago
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The quick answer to your broader question is that there are multiple ways of slicing how GDP is computed, and yes, economists are aware of them and have thought through the edge-cases as well as being aware of where the measures fall short. E.g. in your example, see the Value-added approach: https://quickonomics.com/gross-domestic-product-gdp/ |
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But so then if I produce nothing but just sell something at profit which I already have is that part of the GDP?
If the value of my stamps-collection increases and I sell it at considerable profit is that an increase in GDP?