Of course, gdp only measures goods and services sold, not "household production."

That's only one of the main problems with GDP. Here's a fairly decent critique of the concept written from a libertarian perspective (but the main points hold regardless of whether you agree with the author's ideological assumptions):
http://www.econlib.org/library/Columns/y2010/HendersonGDP.html

In addition to these criticisms, I would point out the impossibility of defining meaningful price indexes that would be necessary for sensible comparisons of GDP across countries, and even across different time periods in the same country. The way these numbers are ... (read more)

Open Thread June 2010, Part 3

by Kevin 1 min read14th Jun 2010627 comments

6


This thread is for the discussion of Less Wrong topics that have not appeared in recent posts. If a discussion gets unwieldy, celebrate by turning it into a top-level post.

The thrilling conclusion of what is likely to be an inaccurately named trilogy of June Open Threads.