To be cynical but correct all the same

It is wholly true that GDP is not the measure of everything - Simon Kuznets, who invented the concept, pointed that out. On the other hand GDP per capita still is a pretty good measure of the living standards of the population for it’s the aggregrate of either all consumption and or all incomes. Which is, well, a pretty good estimation of how the people are doing. Particularly, GDP per capita is a pretty good measure of economic prosperity even if it’s not the meaning of life itself and all that.

The answer has to be that the EU starts to actually believe in itself, rather than the narrative the US so deftly spins. That means an end to being enthralled by GDP per capita as a measure of prosperity.

Ah, yes, we recall that one from schooldays. For those not good at sports then sports were not important, not to be used as a measure. For those not good at swotting then that whole readin’ ‘n’ ritin’ game was never to be used as a measure.

We should’t use a measure of economic prosperity as a measure of prosperity because that would be to use a measuring stick against which the EU is looking a little short. Most unflattering so change the measure we use.

Yes, this is cynical. But we’re really very certain that it is correct too. It’s the people who aren’t very good at providing them who say “Pah, standards of living, who needs them, eh?”

Tim Worstall