reply on: GDP is a Poor Measure of Economic Health \ stacker news ~econ

10 sats \ 3 replies \ @Undisciplined OP 15 Feb \ parent \ on: GDP is a Poor Measure of Economic Health econ

What does he emphasize as the biggest problem(s) with GDP?

I think he emphasizes that technology is deflationary in that it makes it easier to do things and that money printing creates more inflation which to many creates the illusion of money making. Also if the denominator is unlimited the numerator of value is fake.

52 sats \ 1 reply \ @Undisciplined OP 15 Feb

There are definitely attempts to adjust GDP for inflation (real GDP). However, inflation metrics are every bit as flawed as GDP, so who knows if that's helping or just throwing more fuel on the fire.

487 sats \ 0 replies \ @Nuttall 15 Feb

We already know that the CPI is garbage. Perceived inflation is garbage. Front run numbers before the next QEasing is garbage.

Reading Human Action, basically all the formulas are garbage because of Human Action and rational activities of humans who will game the system at all levels because there is an outcome wanted. The market place knows what is sell and what is not and even those are just relationships that happen so fast that the central planners can not keep up -- Good intentions or not.

Then there are the levers of the financial engineers doing what they do, good or bad. Only Bitcoin sans Fiat Value is setting the record straight but reflecting the money printer by being the Denominator of infinite numerator.