>GDP is a large, intrinsically useless aggregate, telling us about net
>consumption, with a little bit of arbitrarily chosen investment thrown in
>and the wasteful state included, but its components can be revealing.
Huh? Net consumption? Then why do they call it *gross* domestic *product*? And why is it a "little bit" of "arbitrarily chosen" investment? Since when does $1.6 trillion worth of houses, plants, machinery, software, and inventories deserve either of those descriptions? And that wasteful state accounts for about 18% of consumption and investment and 16% of employment, which is pretty hefty, whether or not some libertarian thinks so.
Doug