this post was submitted on 31 Dec 2024
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Correct; GDP is a dumb measure, and even its inventor said it cannot be used alone.
Yeah we need to be kept employed at around 94% (or at least not 100%) while we starve to death.
Well, technically 100% employment wouldn't be desirable, that would mean nobody can ever switch jobs or take some time off from working to deal with some personal issues or projects.
I think employment is based on those seeking work. So if you take time off, you wouldn’t be counted. It’s a balance in the market that stops wage rises and inflation when there is unemployment. It’s obviously not desirable for the individual.
No it’s that wages climb too much when unemployment is too low. The Feds even fucking said it during the inflation. They wanted a higher unemployment rate. Super fucked unless there was ever a basic income.
I think of GDP as muscle mass on a body builder.
At a certain point, it just stops making sense and being healthy.
Some can't even put on socks anymore, duh.