China "running dog of European imperialism" - US Trade Rep

[Brad DeLong]

>pms quoted:
>
>>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

Doug... Did you take your meds yet today?...

Brad DeLong