Comments by "Me, Myself and I" (@me-myself-i787) on "Is There a Better Way to Measure the Economy?" video.

  1. GDP doesn't matter. GDP is a measure of spending. What matters is inflation-adjusted GDP, since that measures how much people are actually making. Because as products improve and the economy becomes more efficient, prices fall, causing deflation with an equivalent level of spending. However, increased spending (usually as a result of an increased money supply) counteracts this and causes inflation, but the level of spending has no impact on people's quality of life, so should be factored out, which is why GDP is included in the equation. However, most economists have misunderstood and have been pursuing inflation to boost GDPs, and have been saying the economy's doing well because nominal GDP is up even though inflation-adjusted GDP is down.
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