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12/14/2009

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This is a really good read for me, Must admit that you are one of the best bloggers I ever saw.Thanks for posting this informative article.

reiner

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reiner

Viele Grüße aus Greetsiel

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Viele Grüße aus dem schönen Fischerdorf Greetsiel.

Ferienwohnung Greetsiel

Viele Grüße aus dem schönen Fischerdorf Greetsiel.

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I think it would be good to replace GDP with some other measure, but with what? Possibly it should be replaced with GDP minus government expenditure, for the inclusion of Fed, State, Local spending in the GDP figure gives the impression that government expenditure actually increases welfare, rather than channeling resources into inefficient opeartions and thus making the populice poorer.

Reinhard  Sakowski

Viele Gruesse aus dem schoenen Fischerdorf Greetsiel.

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reiner

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reiner

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Joseph Stiglitz is really a great economist.
thanks a lot for sharing this article. I would
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please keep updating the blog.

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Also, it seems to me that a far more pertinent criticism of GDP as a measure of economic output is that it fails to take into account the imported components of domestically produced goods. If a series of vehicle parts are imported from, say, China and assembled in Detroit, the entire value of the finished vehicle will be added to US GDP, despite the fact that only the assembly work is attributable to the US.

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That depreciation only refers to CAPITAL GOODS. What about the depreciation of DURABLE CONSUMER GOODS? Galbraith wrote about the planned obsolescence of automobiles in The Affluent Society in 1959. It is now 41 years after the Moon landing and now we have the depreciation of consumer computers.

But when consumers replace this junk designed to fall apart economists add it to GDP. But all of that depreciation disappears into space.

Economists can't do algebra.

http://discussions.pbs.org/viewtopic.pbs?t=28529
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The Supreme Court short-circuited organic growth with Family Law decades ago, turning savings and investment into debt and consumption, resulting in government, finance, and consumption economic activity, at the expense of production.

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The comments made in this post are very true, especially in relation to Hurricane Katrina.

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You make some very good points. However, I think it would be very difficult to find a better measure of economic welfare. GDP should always be looked at alongside other variables such as natural disasters etc.

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