The Art of the Possible
I'm back for another stint blogging at The Art of the Possible. My first post for this run is "Left Opportunism and Crackpot Realism." Readers of this blog will probably also enjoy, especially, two recent posts by Jim Henley and Jackson on the questionable validity of the GDP as a metric.
posted by Kevin Carson | 12:35 PM
1 Comments:
Oh I see Jim Henley was thinking along the same lines I have, that GDP isn't even GAAP. Well geez, it doesn't take a genius or a CPA. Although I like his elaboration.
GDP is measuring "profitability" purely by means of sales, with no reference to costs of any sort. That is just wrong on the face of it. It's NOT EVEN the bottom line.
But I guess it serves policy makers which is what it seems mostly designed to do historically.
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