Earlier this month, it was reported that a couple of European nations confirmed that they would be including sex, drugs, prostitution and other illicit activities as part of their gross domestic product calculations. Many have laughed at that newest accountancy measure because these countries should instead be paying off their debt and growing the economy.
Peter Schiff agreed that rather than “goosing” the GDP with the underground economy why not focus on genuine methods to improve the economy? The video below is short as it is only five minutes, but it gets to the heart of what’s wrong with the eurozone economy and how statisticians compute the GDP.
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Kindly remove your sexist thumbnail which objectifies women. I’m sure relieved that PM Stephen Harper is banning prostitution in Canada!