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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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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