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Alasdair Macleod: The fallacies of GDP
2:09p ET Thursday, June 11, 2015
Dear Friend of GATA and Gold:
GoldMoney's head of research, Alasdair Macleod, today explains why gross domestic product, a statistic worshipped by some economists, is misleading and does only harm.
"GDP," Macleod writes, "has nothing to do with economic progress. It is a flawed statistic that imperfectly summarizes the money-value of selected transactions over a given period. The fact that it is usually positive is a reflection of the temporal difference between monetary inflation and the lagging effect on prices, and has nothing to do with economic progress."
Macleod's commentary is headlined "The Fallacies of GDP" and it's posted at GoldMoney here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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