The next number of weeks will be dedicated to home renovations so the blogging might get a bit “hit and miss”.
In the meantime, here are some thoughts:
If Economics is a social science, then Economic Statistics need to show relevant social impact data. I don’t think that the GDP (Gross Domestic Product) measure does this very well.
How about we ask Economists to provide a GGP – Gross Garbage Product measure? How much of a country’s “wealth” is turning up in landfill sites where it is assumed to no longer be the “wealth” that it was in the past? Maybe we could subtract the GGP from the GDP to get a more useful measure.
How about a GRR – a Gross Relevance Rate? This would measure how much people think they really have a meaningful impact on economic decision-making?
How about GAR – Gross Anxiety Rate? This would measure such things as the impact of travelling an hour or so a day in all kinds of weather on super highways while being deeply in debt and feeling extreme time pressure.
Kevin Alan McGill
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