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by stego-tech
449 days ago
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> GDP Your entire argument is why I reject GDP as a reliable measure of economic health (that is to say, I agree with you 100%). It can be a component of it, sure, but as the standalone metric it's relied upon as-is, it's awful. Doesn't capture inflation, doesn't capture real productivity growth, doesn't capture employment rates or labor compensation or income distribution. Heck, GDP is literally an ideal expression of Goodhart's Law: we have built entire systems designed to game a single number that was proposed as a metric of economic health, which no longer makes it a good metric of economic health! If someone's sole defense is "GDP Up = Good", I do not take their argument seriously - because it isn't. |
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