Sunday, April 12, 2009

Cafe Hack

by the Sandwichman

Riddle me this:

National income accounting was developed as tool for state economic planning.

No one fetishizes economic growth (of GDP) more than classical economic liberals.

What am I missing here?
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1 comment:

  1. Kevin CarsonApril 14, 2009 at 12:00 AM

    Right on. GDP doesn't measure the value of what's consumed. It measures the cost of producing it. The more inputs consumed to produce a given unit of output, the larger the portion of commodity price that consists of rents on artificial property rights like IP, the more costly Bastiat's "broken windows"--the higher GDP.

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