Episode 311: That Big, Bad, Evil GDP Thing

Economic measurements are a tricky thing. There are multiple ways to do things. People are entitled to varying opinions about which measurements of economic aggregates are better than others in terms of methodology and substance. However, are those of us who value economic growth really guilty of making a “golden calf” out of GDP? Do various limitations in what GDP measures and how it does it really mean the whole system is stupid, corrupt, or wrong? Or could it be that promoters of a free and virtuous society can, all at once, understand and reinforce that the totality of economics, rightly understood is, and at the same time, not feel the need to lie, alter, or poke at data. A Capital Record to defend GDP, and to make abundantly clear what should be obvious: GDP measurements are not everything.

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