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A comment on Britain’s statisticians fix a blunder and find a bigger economy. Parent comment

Re:Britain’s statisticians fix a blunder and find a bigger e... by vkou on Tuesday September 05, 2023 @06:00PM (#37398367)
> My capital being misallocated is not relevant to GDP?

It's not. If I steal a million dollars from you, the net impact on GDP is ~0. Hell, if you were keeping it in your mattress, and I spend it on drugs and parties, GDP will actually go up.

GDP is a useful number, but it's not the only useful number.

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Re:Britain’s statisticians fix a blunder and find a bigger e... by RandomLensman on Tuesday September 05, 2023 @06:21PM (#37398598)
If you steal 1 million out of my payroll account, GDP might go down because I might close my shop, for example. It really is not so simple.

Could one carefully construct examples, sure, does that scale - not so much.

[ Parent | on HN ]