GDP measures the value of the final goods and services produced in the United States (without double counting the intermediate goods and services used up to produce them). So, it doesn’t have a thing to do with your salary
I mean, more or less. When discussing GDP, you’re discussing things at such a massive scale that only the details of the details filter down. Like the speed of the Earth - obviously it matters, but no one living here is going to notice on their daily walk that the Earth has sped up or slowed down by 100 mph. It’s a tool (ideally) for discerning growth and potential courses of action for large-scale decision-makers, like the government.
But doesn’t GDP also take into consideration real estate and military spending, two things America very much spends dickloads of money on? In an ideal scenario, it would be an accurate measure, but because housing prices are so high and military spending is basically going infinite at this point in the US, you could argue it’s a worthless metric because of how inflated it can be.
Workers are the ones that produce the goods and services. We made the economy grow, yet we aren’t the ones that see the direct benefits of this growth. Do you think this is fair?
I think your first two sentences make a good point, but I also don’t think it’s fair to ask the question in your third when all the guy was doing was explaining the definition of GDP rather than making a value judgement about it.
GDP measures the value of the final goods and services produced in the United States (without double counting the intermediate goods and services used up to produce them). So, it doesn’t have a thing to do with your salary
So basically it means nothing to the average person?
I mean, more or less. When discussing GDP, you’re discussing things at such a massive scale that only the details of the details filter down. Like the speed of the Earth - obviously it matters, but no one living here is going to notice on their daily walk that the Earth has sped up or slowed down by 100 mph. It’s a tool (ideally) for discerning growth and potential courses of action for large-scale decision-makers, like the government.
But doesn’t GDP also take into consideration real estate and military spending, two things America very much spends dickloads of money on? In an ideal scenario, it would be an accurate measure, but because housing prices are so high and military spending is basically going infinite at this point in the US, you could argue it’s a worthless metric because of how inflated it can be.
Workers are the ones that produce the goods and services. We made the economy grow, yet we aren’t the ones that see the direct benefits of this growth. Do you think this is fair?
I think your first two sentences make a good point, but I also don’t think it’s fair to ask the question in your third when all the guy was doing was explaining the definition of GDP rather than making a value judgement about it.
Well yeah, I asked the question to find out their position. It doesn’t read as neutral to me, but I’m biased, so I want to make sure.