 GDP the main measure of economic activity and treated as 'hard' data. But the way it is calculated can be very odd - smuggling of tobacco is included, work to invent new products through research and development is excluded. This can give an inaccurate picture of economic health - this week America’s GDP rose by $560 billion, or 3.6%, mainly because the “boundary” that defines what counts as an economic asset was moved. Free Exchange article by Richard Davies. |
