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GDP: A Tsunami of Bad Information

Monday, February 1, 2010, 6:11 PM
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One of the things that I constantly harp on is that we need to change the stories that we tell ourselves.  GDP is one of those stories.

We tell ourselves a simple tale, and it goes like this:  A rising GDP is a good thing.

But with a slight bit of inquiry, we could discover the many ways that this story is more myth than fact.  First, we might discover that we routinely pad the tale with so many statistical distortions (“Fuzzy Numbers”) that the narrative not only loses its way, but becomes hopelessly misleading.

 

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