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Strategies & Market Trends : Heinz Blasnik- Views You Can Use -- Ignore unavailable to you. Want to Upgrade?

To: Bridge Player who wrote (2958)	7/6/2003 5:07:10 PM
From: yard_man	Read Replies (1) \| Respond to of 4913

the problem is one of computation / valuation for "national wealth" ... Usually GDP is computed in terms of prices paid I think -- but if not I would tend to agree with Mises. But in the larger context what does GDP alone tell us??? I would argue not much -- even when put against the same figures computed for other countries.

To: Bridge Player who wrote (2958)	7/6/2003 6:39:45 PM
From: LLCF	Read Replies (1) \| Respond to of 4913

<Does this suggest that it is nonsensical to discuss Gross National Product, the total value of the goods and services producted by a country, in comparison with the goods and services produced by other nations?> I think he would have a problem with your narrow output comparison. I think he might say that many conclusions drawn from these numbers aren't worth making. For instance, USSR's GDP probably looked a higher than it should have compared to ours during the cold war because they were building stupid stuff, destroying resources, and polluting at higher rates than we were. Currently I think Mises might argue that our current GDP comes from taking on debt at an alarming rate, which would compare not so farvorably to a country with the same GDP not doing so??? Going further, compare the GDP of a country who's people work 70 hours a week to one who's people work 30 hours a week. Drawing conclusions about 'wealth' or 'income' could be misleading. DAK