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GDP the main measure of economic activity and treated as 'hard' data. But the way it is calculated can be very odd - smuggling of tobacco is included, work to invent new products through research and development is excluded. This can give an inaccurate picture of economic health - this week America’s GDP rose by $560 billion, or 3.6%, mainly because the “boundary” that defines what counts as an economic asset was moved. Free Exchange article by Richard Davies. (0)
2013-07-13
for: The Economist
Link: www.economist.com/news/finance-and-economics/21582498-america-has-changed-way-it-measures-gdp-boundary-problems
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