“The critics of GDP give it too much credit. It is a painstaking attempt to measure the total production of the economy. It is not the guiding star for economic policy, public morality, or anything else.”
– Tim Harford
Question for Tim: once we include sex work and illegal drugs into the calculation of GDP do we not dis-incentivise politicians to shrink those industries?
http://www.ft.com/cms/s/0/b08812f6-e7e6-11e3-9af8-00144feabdc0.html
Girlwithoutawatch 