All the hand-wringing this week over whether or not the U.S. economy has fallen into recession lacked an important consideration: What if the measure of GDP we’re all focused on is itself massively flawed?
It’s a heretical question, because there’s a ‘GDP complex’ at work here.
There’s an entire apparatus — economists, bankers, government officials, and prognosticators — of folks whose livelihoods are predicated on measuring GDP, maintained as the be-all and end-all method for…
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