Thursday January 31st 2013
Gross Domestic Product is the 'market value' of all
'officially recognized' goods and services. For example, rescuing
a Lady Bird from horrible death by kitchen sink is not an 'officially
recognized' good or service. 'Market value' is the price of a good
or service under the conditions of a competitive auction.
Then when Gross Domestic Product shrinks, I
could say, 'yippee, we're reducing consumption and there'll be something for
those who come after us.' But, instead, I've been advised to think of
it as a loaf of bread, up on the auction block, it's price determined by who
wants it most.