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0 sats \ 0 replies \ @Undisciplined OP 15 Feb \ parent \ on: GDP is a Poor Measure of Economic Health econ
There are a few technical issues with capturing tech innovation:
- Innovation is deflationary and our inflation metrics stink;
- New products have no prior year price, so we can't account for how they impacted budgets (inflation measurement issue);
- The products improve rapidly year-to-year and the necessary quality adjustments are highly imperfect.
In principle, technological innovation would be included in GDP, if everything were measured accurately.