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No. of Recommendations: 1
I am saying the GDP numbers are full of ****
Easily 1% of it if not 2% of it is total horse hockey

Please read
Grossly Distorted Procedures
http://globaleconomicanalysis.blogspot.com/2005/05/grossly-distorted-procedures.html

I believe the US is unique about how these numbers are calculated.
If we computed numbers the way Europe did we would still be better most of the time but nowhere near as good as what shows. If one just stripped out total nonsense (imputed rent and the "value" of free checking accounts) the numbers would be way way lower. If I am not mistaken we did not always do that. Hedonics is another BS measure.

Numbers Game
http://globaleconomicanalysis.blogspot.com/2006/10/numbers-game.html

Mish
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