Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
... its just not the score of the game.

Its like watching the tachometer to tell what speed you are going, without knowing what gear you are in. Its just a measure of total spending on newly produced stuff. Its not a measure of economic productivity, its not a measure of net new real wealth, ...

... someone using GDP to assess standard of living is like a nurse trying to measure my Blood Pressure with a thermometer. Its inability to do that is no failing of the thermometer ~ but of the nurse using the wrong tool for the job.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sun Oct 3rd, 2010 at 01:38:50 AM EST
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