AdvancingTime
Senior Member
- Feb 8, 2015
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Years ago a Seinfeld episode was centered around the idea of producing a television show about nothing! Sadly, in many ways this is the direction America has moved towards when it comes to measuring our economic growth. We have allowed numbers that mean "nothing" to seep into how the gross domestic product (GDP) is calculated all in an effort to create the illusion of growth.
The first comprehensive set of measures of national income was developed by economist Simon Kuznets who in 1934 told the US Congress the formula was problematic. Bottom-line in the words of its creator, "The GDP framework is more or less an empty abstraction devoid of any link to the real world." More on just how misleading this number is in the article below.
http://brucewilds.blogspot.com/2015/05/gdp-number-is-master-illusion.html
The first comprehensive set of measures of national income was developed by economist Simon Kuznets who in 1934 told the US Congress the formula was problematic. Bottom-line in the words of its creator, "The GDP framework is more or less an empty abstraction devoid of any link to the real world." More on just how misleading this number is in the article below.
http://brucewilds.blogspot.com/2015/05/gdp-number-is-master-illusion.html