This is why GDP is such an irrelevant measure. In the US it includes financialization. Rents are included as “product.” Insurance is “product.” Tech industry vaporware investment is “product.” They define things that most definitely are not being produced as “product” and say look how much we produce the economy is great! It’s just made up
It’s even worse than that because a lot of the GDP comes from the industries that are actively harmful to society. Private health insurance is a perfect example, it’s an industry that profits of basic needs of the people, and it’s making the working majority poorer and less healthy. Yet, it bolsters the GDP on paper.
This is why GDP is such an irrelevant measure. In the US it includes financialization. Rents are included as “product.” Insurance is “product.” Tech industry vaporware investment is “product.” They define things that most definitely are not being produced as “product” and say look how much we produce the economy is great! It’s just made up
It’s even worse than that because a lot of the GDP comes from the industries that are actively harmful to society. Private health insurance is a perfect example, it’s an industry that profits of basic needs of the people, and it’s making the working majority poorer and less healthy. Yet, it bolsters the GDP on paper.