- cross-posted to:
- usa
- cross-posted to:
- usa
The concept is called “imputations” — which are “what if” scenarios.
Example: When a person buys a home, the gov adds that person’s imaginary rent to the GDP!
That is, if he didn’t buy a home, he would have spent X dollars on rent. There are two more shenanigans like that you can read in the article.
By this measure, China has already caught up with the US a long time ago.
With Europe it must be some 60% that is fake. Probably more.