Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Although many seem to forget their intro macroeconomics by the time they become journalists,

That is a natural consequence of always and uncritically using GDP or GDP pro capita as the metric for wealth in all economic exposition except these (usually perfunctory) disclaimers.

One cannot exonerate an academic discipline from perpetuating an error solely by noting disclaimers in first-year textbooks when the same discipline ignores those disclaimers essentially from the point they are made and until you graduate. In fact, reading disclaimers about the non-universal applicability of GDP in the discussion section of a first-year national accounting textbook feels a lot like reading a Quack Miranda: "We have to include a disclaimer about not elevating GDP to the One True Proxy in order to cover our asses. This being done, let's get back to elevating GDP to The One True Proxy."

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Oct 14th, 2010 at 05:47:40 AM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series