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[b]Dean[/b] writes: [quote]GDP is not a comprehensive measure of well-being and no one should ever use it as such. It is a measure of the economy's output.[/quote] This is the real rub, now, isn't it?...
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[b]LSTB[/b] wrote, [quote]...rental payments to landowners.[/quote] Yep. Though "only" 10-20% of GDP. - liberal
View ArticleWhen Preaching to the Choir, All Messengers Must Be on the Same Page
@JSeydl It's not that complicated. Utilitarianism simply means the greatest good for the greatest number, which is entirely consistent with creating the largest economic pie possible per achievement of...
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[quote]It's not that complicated. Utilitarianism simply means the greatest good for the greatest number, which is entirely consistent with creating the largest economic pie possible per achievement of...
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Btw, I'm not implicating Dean here in any way. He obviously cares a great deal about more than just maximizing the pie - e.g., about climate change, workers' rights, etc. My comments are more general...
View ArticleSpending is not progress
If I am paying you $50 to mow my lawn and you are paying me $50 to mow your lawn we are contributing to the GDP. If we each increase the other's pay rate to $100 we have doubled our contribution to the...
View Articleproduction, consumption, income
Basically, macro folks have not come to grips with international economics. The fact is that u.s. companies are about 50% invested overseas. Yet, their income, some of it, is counted in U.S. accounts....
View Article@ Bill H - Doubling Down
Just think about the magic in that increase from $50 to $100. Not only is the contribution to GDP doubled, but the impact on the environment remains constant. Therefore, the environmental impact per...
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[b]pete[/b] wrote, [quote]The fact is that u.s. companies are about 50% invested overseas.[/quote] Maybe, but is is really true? How much of overseas "earnings" are in fact really domestic earnings...
View ArticleRent and Rentier
While these terms, Rent and Rentier, carry weight and meaning to those who are fluent in econospeak, and totally acceptable in polite discussion, which Dean's forum most certainly exemplifies, their...
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[quote]JParks[/quote] wrote, [quote]Honestly, why can't we just quit using nice terms like Rent and Rentier and call it for what it is!? Legalized racketeering.[/quote] Well, I prefer the term...
View ArticleWe Have Always Been Rentiers
[quote]“the U.S. economy is even more heavily driven by the iPad designers and George Lucases of the world — and proportionally less by the guys who assemble washing machines — than we...
View ArticleThe timing is still suspicious...
Even if a proposal has been sitting around for a really long time, the final decision to implement it can be driven by political/timing considerations. Such as the need to make GDP appear larger in...
View ArticleNot about compensation, about Macro theory
This has nothing to do with measuring anything, and everything to do with forcing data to conform with theory. Since the mid 80's wages and tech investment as a share of GDP have both moved like they...
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JSeydl, Normally, I take issue with GDP ranters, because they misunderstand what they are ranting about. This time, I applaud. In the same way that salt-water economists turned simplifying assumptions...
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Wisdom Seeker, Realistically, there is no longer a reason (if there ever was) to think there is a "threshold of concern" for the debt/GDP ratio. So taking 3% on to GDP should not change the debt...
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Thanks, kharris. I didn't mean to sound so cynical. Some progress is being made. For example, Sachs is doing useful work on creating happiness indexes. But if economists are going to go down that...
View ArticleThere is still a threshold, we just can't measure it
@kharris - Oh come on, you don't honestly believe this isn't just another example of sticking lipstick on the pig? Independent of the economic pissing contest of the week, there is an upper limit to...
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Wisdom Seeker, I have a longstanding reflex to ignore any response that begins with "Oh, come on..." and insists that the other guy must actually disagree with himself. It's a cheap rhetorical trick to...
View ArticleThe real "threshold" is when the creditors pull the rug out
@kharris - I apologize for the "Oh, come on". I was irritated by your implication that there's no reason to be concerned about rising debt/GDP levels. Obviously we disagree on several topics. Regarding...
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