Comment by csomar
17 days ago
GDP is an arbitrary abstraction: https://en.wikipedia.org/wiki/Imputed_rent
We could have simply not calculated imputed rent (or all of rents).
17 days ago
GDP is an arbitrary abstraction: https://en.wikipedia.org/wiki/Imputed_rent
We could have simply not calculated imputed rent (or all of rents).
Even in a society of 1 person that person would prefer to live in a mud hut than outside getting rained on. Ignoring imputed rent ignores that value and therefore is objectively wrong.