Golden Calf of the Grand Old Party
8th February 2025
If 21st-century Republicans have an idol, a graven image we collectively worship, it is Gross Domestic Product. All discussion about the flourishing of our nation is reduced to GDP, and its increase is seen as an ironclad refutation of anyone who questions whether America is, in fact, flourishing. But GDP, as today calculated, is largely fake, disconnected from the actual production of value. Worse, flourishing-as-quantity is a destructive way to view our society. It was once commonplace that the value of very many things, a mother’s love or a scarlet sunset, was immense, but unmeasurable. We have forgotten this, to our detriment. To truly make America great again, a crucial first step is dethroning GDP as a measure of our greatness.
Yes, there is some benefit to having in our quiver of analytical tools an aggregate way to view additions to economic value, the production of new goods and services. Think of 20 men and women who do nothing except eat and drink what is at hand. They produce no value; the GDP of their little society is zero. If, however, they begin to produce anything, goods or services, they produce value. How to measure such production has, however, generated different approaches, and the method we use today, while it serves our desire for simple ways of viewing the world, conceals truth in order to serve political ends.