A.steve Posted June 10, 2014 Share Posted June 10, 2014 http://uk.reuters.com/article/2014/06/10/uk-britain-gdp-idUKKBN0EL0U420140610 LOL - because it isn't even slightly important to have GDP figures that can be meaningfully compared with the past. Quote Link to comment Share on other sites More sharing options...
Digsby Posted June 10, 2014 Share Posted June 10, 2014 Old news, but yeah, madness isn't it. Adding illegal drugs to the GDP - just smoke and mirrors if you ask me Quote Link to comment Share on other sites More sharing options...
A.steve Posted June 10, 2014 Author Share Posted June 10, 2014 Old news, but yeah, madness isn't it. Adding illegal drugs to the GDP - just smoke and mirrors if you ask me I accept that the intention to include them is old news... the new news is that the ONS is publicising that it expects this to lift the GDP figure by 5% - or, in other words, we should knock 5% off any 'economic growth' figures we hear... and this is being reported in the media. Quote Link to comment Share on other sites More sharing options...
Quicken Posted June 10, 2014 Share Posted June 10, 2014 I accept that the intention to include them is old news... the new news is that the ONS is publicising that it expects this to lift the GDP figure by 5% - or, in other words, we should knock 5% off any 'economic growth' figures we hear... and this is being reported in the media. It'll be a revalorisation exercise, so it won't officially be quoted as growth. However, the crucial thing is that this will be used to reduce debt to GDP ratios across Europe. Magic! Quote Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted June 10, 2014 Share Posted June 10, 2014 just smoke and mirrors if you ask me And razor blades. Quote Link to comment Share on other sites More sharing options...
Digsby Posted June 10, 2014 Share Posted June 10, 2014 I accept that the intention to include them is old news... the new news is that the ONS is publicising that it expects this to lift the GDP figure by 5% - or, in other words, we should knock 5% off any 'economic growth' figures we hear... and this is being reported in the media. That's not new news either: "The Office for National Statistics estimated last month that drugs and prostitution would add almost 1 percent to British GDP, and said the total changes would raise GDP by 4-5 percent." But I see they've firmed up the estimate a bit today, which is new and I hadn't appreciated. I just wanted to crack a joke, s'all! Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted June 10, 2014 Share Posted June 10, 2014 I decided not to go for a drive today as I was busy doing other things. Thus I didn't add to congestion and thus didnt add cost to everyone else's commute. Quick, add my inactivity to GDP stats. Seriously, this is how economists think. If you are breathing, you're producing economic output. Quote Link to comment Share on other sites More sharing options...
Corruption Posted June 10, 2014 Share Posted June 10, 2014 There is probably another couple of million people living in Britain since then so we still get less cake then we did in 07. Quote Link to comment Share on other sites More sharing options...
A.steve Posted June 10, 2014 Author Share Posted June 10, 2014 (edited) Quick, add my inactivity to GDP stats. Seriously, this is how economists think. If you are breathing, you're producing economic output. Just you wait... I intend to propose adding the imputed value of your non-congestion to GDP in perpetuity once you die. What's more, as more people die, the value each contributes in successive years will increase exponentially, as - had they been immortal - the congestion each would cause would increase exponentially. GDP - Done! (as Gordon Ramsay would swear.) Edited June 10, 2014 by A.steve Quote Link to comment Share on other sites More sharing options...
Digsby Posted June 10, 2014 Share Posted June 10, 2014 Just you wait... I intend to propose adding the imputed value of your non-congestion to GDP in perpetuity once you die. What's more, as more people die, the value each contributes in successive years will increase exponentially, as - had they been immortal - the congestion each would cause would increase exponentially. GDP - Done! (as Gordon Ramsay would swear.) Lets do it retrospectively, we'll be trillionaires Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted June 10, 2014 Share Posted June 10, 2014 Surely it does make sense to make some measure of the black market. From what I recall. There are 300+ million smokers in China and less than 10 million smokers in the UK, but because of the difference in price of tobacco in the two countries, the amount they add to GDP is similar. The biggest problem is, is that the black market is induced by the state due to high taxation, or the outright ban of certain trade. If drugs (including alcohol and tobacco) were legal, and not taxed prohibitively (technically illegal for the poor), then we could measure living standards across countries using GDP. The drugs trade and wider black market provides a lot of employment and does boost living standards. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted June 10, 2014 Share Posted June 10, 2014 GDP is a worthless number now, it's going beyond parody just to get the figure up. Quote Link to comment Share on other sites More sharing options...
DarkHorseWaits-NoMore Posted June 10, 2014 Share Posted June 10, 2014 So the Ministry Of Information are erasing the effects of the 2008 crash from history. Whoosh, just like that and it's gone. No triplle dip, no double dip, no dip at all. We never had it so good, amazing! Wonder what the new vs. old UK GDP graph looks like? Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted June 10, 2014 Share Posted June 10, 2014 Surely it does make sense to make some measure of the black market. From what I recall. There are 300+ million smokers in China and less than 10 million smokers in the UK, but because of the difference in price of tobacco in the two countries, the amount they add to GDP is similar. The biggest problem is, is that the black market is induced by the state due to high taxation, or the outright ban of certain trade. If drugs (including alcohol and tobacco) were legal, and not taxed prohibitively (technically illegal for the poor), then we could measure living standards across countries using GDP. The drugs trade and wider black market provides a lot of employment and does boost living standards. Thought provoking as usual. Quote Link to comment Share on other sites More sharing options...
renting til I die Posted June 10, 2014 Share Posted June 10, 2014 GDP is a worthless number now, it's going beyond parody just to get the figure up. +1 Quote Link to comment Share on other sites More sharing options...
zugzwang Posted June 10, 2014 Share Posted June 10, 2014 So the Ministry Of Information are erasing the effects of the 2008 crash from history. Whoosh, just like that and it's gone. No triplle dip, no double dip, no dip at all. We never had it so good, amazing! Wonder what the new vs. old UK GDP graph looks like? Not really. An estimated £113bn will be added to the national debt at the same time, 1. To account for the de facto renationalisation of the railways. 2. To reclassify the 'temporary liquidity intervention' in Lloyds/RBS as a permanent bailout/transfer. Quote Link to comment Share on other sites More sharing options...
billybong Posted June 11, 2014 Share Posted June 11, 2014 (edited) It's a farce. On the radio yesterday some expert called Dominic was gushing about how much the economy was growing with reference to the GDP figures. No explanation about how they've achieved such a rapid change just as the general election approaches and of course not referencing the huge increase in debt and all the manipulations of the GDP figures. The programme was so on message it was like in the politicians' pocket. Edited June 11, 2014 by billybong Quote Link to comment Share on other sites More sharing options...
billybong Posted June 11, 2014 Share Posted June 11, 2014 Apparently an increase in UK GDP of 4.4% is now on the cards so add in all the extra stuff and it could be getting on for an annual rate of 10% at least for a while. It'll be interesting to hear how they explain that sort of figure when things just seem to be getting worse and worse for most UK people. More people will be asking "Growth in what?" Quote Link to comment Share on other sites More sharing options...
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