John Tamny:
In short, GDP is a number unworthy of serious thought for presuming the existence of borders in what is an increasingly borderless world economy. Market returns have suggested as much for decades.
Click the link and read the whole thing. I think he raises some excellent points, some of which have crossed my own mind, that are worth investigating. Many people place a huge amount of stock in GDP and other economic statistics, but what if the methodology is flawed?
Other numbers worth questioning: inflation and poverty.
Update: The Economix blog reports on imminent changes to GDP calculations.
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