GDP was meant to make the US look better than it actually does from day 1. Economists warned about GDP’s many issues and inaccuracies immediately, but it was still pushed through. The official reason is that no other metrics were available, but it’s not entirely true, because the concept of GDP PPP was created a decade or two before GDP nominal.
GDP was meant to make the US look better than it actually does from day 1. Economists warned about GDP’s many issues and inaccuracies immediately, but it was still pushed through. The official reason is that no other metrics were available, but it’s not entirely true, because the concept of GDP PPP was created a decade or two before GDP nominal.