Economists legit come from clown college, then churn out with the highest starting salary with a bachelor smdh

https://en.wikipedia.org/wiki/Gross_domestic_product#Limitations_and_criticisms

```Simon Kuznets, the economist who developed the first comprehensive set of measures of national income, stated in his first report to the US Congress in 1934, in a section titled "Uses and Abuses of National Income Measurements":[11]

The valuable capacity of the human mind to simplify a complex situation in a compact characterization becomes dangerous when not controlled in terms of definitely stated criteria. With quantitative measurements especially, the definiteness of the result suggests, often misleadingly, a precision and simplicity in the outlines of the object measured. Measurements of national income are subject to this type of illusion and resulting abuse, especially since they deal with matters that are the center of conflict of opposing social groups where the effectiveness of an argument is often contingent upon oversimplification. [...]``` Damn

It's too bad when people clip out people's metrics/measures, it doesn't ever come with context of the psychology and critiques they provide <:breadthink:663617149805395968>

``` In 1962, Kuznets stated:[29]

Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run. Goals for more growth should specify more growth of what and for what.```

@actual_communist_boi get in vc

@chain get in vc

@diong

@Fondboy vc

@Dodger101 vc

rip 2k ping + watching this cummie boi video <:pepeLMAO:644901342216847388>

since I love watching leftoids eat each other alive
And rightoids do the same

Frankly, I just want everyone to eat each other

it failed in the market place of ideas

I'm 11 minutes in so I gotta finish this comedy

@actual_communist_boi so uh..........

when are you becoming an analyst for a rightoid think tank? <:PEPELAUGH:643817011117424708>

Libertarians and their autonomy memes

Hmm?

@Dodger101 teach me how to minecraft

No

There's converse arguments against reincarnation, yes

I would admit that

It's not intrinsic to afterlife mythos that ... you don't have concern for present material conditions

I just think that they are in relatively strong association

@sydtko https://www.nber.org/papers/w25558.pdf its indeed surprising that kuznets would be so wrong about the methodology behind national accounting and the reasons for using GDP in policy making to the point where he thought pointing out that it doesnt measure wellfare is some substantive point to make

Wrong how?

It... doesn't measure welfare.
It gives you a general idea or impression that there is a better welfare amongst the people, but that's not necessarily true

That's a probabilistic argument

And considering America's wealth gaps (to ground this to today)

America's GDP has increased over time from Reagan's era, but that's disparate wealth

So I just ask? Do you think people are better of on average now than in Reagan's era?

@Methode https://www.youtube.com/watch?v=6OCfjhI7JlE

@LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes @LustrousMandrill Nick Fuentes more like Knees Bentes

Good joke Commie Boi

@LustrousMandrill Nick Fuentes more like Knees Bentes

Also, this fucking doesn't even the full paper available <:REEE:644893026165981184>

@sydtko GDP doesnt measure wellfare but its a good predictor of many welffare measurements and the best wellfare measurements are made by components of GDP otherwise they face problems as the paper i cited points further GDP predicts or has explanatory with other thinsg besides wellfare like financial stability and employment its a general measure of production of economic activity not a wellfare measure.The money supply doesnt measure inflation as well that doesnt mean its a not a good predictor of inflation or a reliable cauuse of inflation so kuznets point is trivial GDP isnt used in that way and economists dont use it in that way further talk about wellfare measurements is kind of a joke https://journals.sagepub.com/doi/abs/10.1177/0048393116683249 they should never advise policy tbh thats more motivation to rely on gdp and non wellfare based measurements.

```they should never advise policy tbh thats more motivation to rely on gdp and non wellfare based measurements.``` But they do

And I don't accept that it's trivial "or nonsubstantive" to point out that GDP != welfare

well you havent given any reason for why thats the case