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Two economists are walking along a street when they come upon a pile of dog shit.
The first economist says to the other “I’ll pay you $100 to eat that pile of shit.” The second economist takes the $100 and eats the pile of shit.
They continue walking until they come across a second pile of shit. The second economist turns to the first and says “I’ll pay you $100 to eat that pile of shit.” The first economist takes the $100 and eats a pile of shit.
Walking a little more, the first economist looks at the second and says, "You know, I gave you $100 to eat shit, then you gave me back the same $100 to eat shit. I can't help but feel like we both just ate shit for nothing."
"That's not true", responded the second economist. "We increased the GDP by $200!"
The funny thing is it's true. They paid eachother the 100 dollars because they got more amusement out of seeing the other person eat shit than they valued the money. Likewise, they both accepted the 100 dollars because it was worth more than the displeasure of eating the shit. Thus, through transivity, we can conclude that seeing someone eating shit is more pleasurable than eating shit is displeasurable. They have the same amount of money, but their net utility has gone up.
in a lot of countries journalist isn't a protected job title and anyone can call themselves a journalist, so by that logic anyone employing people who call themselves journalists and has them produce any writing is therefore a journalistic outlet.
as an actual journalist, this fills me with dread, but at least I live in a country that takes the description seriously and even has you give up your credentials and be barred from practicing with any serious outlet if there is evidence of journalistic misconduct. still, the way it works in the US is baffling.
I don't think I know what GDP is, but i assume ita kind of like the god of the rich, were they sacrificed babys and mothers to maintain it all high and mighty.
Idk if this is a serious question or not, but either way - GDP stands for Gross Domestic Product. It’s a measure of the total value of goods and services produced in a year. A higher GDP means that the economy is larger. GDP per capita is the country’s GDP divided by their population.
So, yes, you’re essentially correct. It is an eldritch blood god worshipped by the obscenely wealthy and whose goals are inscrutable and likely harmful to all humanity.
It’s a measure of the total value of goods and services produced in a year.
very, very technically speaking this is still true, but ever since the stock market became a thing and companies can just get an evaluation with fictional money to borrow real money from banks (same thing applies to people too, but with companies it's even more commonly accepted), the GDP has essentially become a completely useless measure because the only thing it measures is how much of a circlejerk the ultra wealthy are currently engaging in.
only well-regulated economies can still trust GDP as an index for the actual economy, anywhere else you can just invent a fictional product or service, sell it at a ludicrously high price to someone else doing the same thing, infinitely bounce money back and forth and therefore "increase the GDP" because technically you were selling goods or services, but since those aren't actually real or are severely overvalued, the GDP increase is not representative.
also, don't even get me started on GDP per capita.
Carl Box would never say that. He's the best Oreo CEO we've ever had, and his favorite flavor is Strawberry Milkshake. The milkshake flavor really makes it.
yes but they'll be able to say "I live in a country with a 50000000 trillion bajillion dollar GDP", as they dodge the space junk constantly falling on their head and try to get enough money to be able to afford a fresh tank of oxygen for the week.
if that's not what success looks like, I don't know what does!
It means absolutely nothing. Ever since the stock market became a thing and companies are publicly traded and their evaluations are more important than whether they actually provide anything to society, you can just make up really convincing sounding snake oil, overvalue it, either sell it at the overvalued price to someone doing the same thing who you will buy the money back from or just get money from the bank by saying "look how high my evaluation is, now give me a loan" and get lots and lots of money on paper as well as actual liquidity without ever providing what the GDP was originally meant to measure: productivity.
At best we get a stable-ish bubble that doesn't burst and provides lots of well paying jobs which in turn hopefully mean that people spend money on real goods and services, that way there is an economic stimulus but only as long as the bubble never bursts.
Unless stock trading and ownership is abolished and companies can no longer be publicly traded or evaluated by some fictional assets they don't actually own, so unless we go back to a hundred years ago when you had to actually employ people, actually provide goods or services that people find useful enough to buy and find the price compelling enough to not go to an open-market competitor, we will never escape the jumping from one bubble to the next.
Unless of course there is eventually a collapse so bad that even with government bailouts the financial criminals won't be able to recover from their shenanigans anymore, but they're already preparing for that outcome too.
The "global GDP"? So it will cause a 5x inflation? If the global GDP rises, aka the GDP of every country on earth (or even just every major economy), then that more than likely doesn't mean that money that was sitting in a secret vault was unearthed and suddenly flooded the economy, more than than likely it just means a bunch of inflation which is great because people who were once millionaires and are not billionaires would really like to call themselves trillionaires on LinkedIn and if they have to ruin the global economy forever to do it, then that's a small price of everyone else but them to pay :)
No, I am serious though, GDP comes from goods and services being traded, either within a country or outside of it, that doesn't make a difference. The only way to raise the GDP is to boost production which, when done in a healthy way, happens because people are doing well financially and aren't afraid to spend their income on a wide variety of things rather than buying only essentials and saving the rest (aka letting it rot in a bank vault to be eaten up by inflation).
So one the other ways to raise GDP is when people aren't necessarily doing well but a lot of folks are making "investments" in the stock market or some other way of becoming a shareholder in a company. That makes those companies evaluations go up which they can use to borrow money from banks (who have the money because of aforementioned folks "saving" theirs) so now they have liquidity and use that to increase their profits on paper which then goes into a countries GDP for some reason and other than increasing shareholder value for that company, essentially nothing happened. They can also do this in perpetuity for some reason.
The other other reason why the GDP might go up is because of inflation. That means factually no more goods or services are being sold than before, but they are being sold at a higher price, possibly financed through higher salaries or wages (though usually not at the same rate) which in turn raise prices of the goods and services produced by the people being paid those salaries or wages, you know the drill, it's an endless cycle and rich people are terrified because their hypothetical money loses value that way. If you have a piece of paper saying "I own a billion dollars" and suddenly inflation happens so your "billion dollar" evaluation is now only worth like 250 million, you hit the panic button. So you start heavily investing into a specific company, or ideally an entire sector which keeps propping itself up at the expense of working people, that way the numbers might go up, but so does your hypothetical net worth number, meaning you can now not only once again say you are worth a billion dollars, but just make up any number and you can be worth that.
"The economy is doing well" usually just means stock prices are up which even if you own those stocks is completely worthless to you unless you hold a majority of it, those are the only people for whom the economy is truly good in that situation. The GDP increasing rarely if ever holds anything good for the people working hardest to create stimulus in an economy.
How do you create a truly secure economy? You buy local, don't support multinational conglomerates or really any publicly traded company (believe me, you don't have to in order to get by), rather than investing in stocks or any related financial products or keeping your money in the bank, you leverage your own income to get a loan, make the bank work for you for once and take out a mortgage on any home you can afford without locking yourself into a crazy 30-year mortgage with a high rate. Go as low as possible on both. Then you own that one property and you can either live in it yourself or if it suits your lifestyle better, you keep renting (ideally from private landlords rather than big management companies) and rent out your own property and use the income from that to pay either your rent or your mortgage, they should ideally roughly cancel each other out. The only thing you need here is a stable income, which I know isn't as easy to get as it sounds. The mega wealthy can't take those assets away from you though, or at least they'll have to try a lot harder to do so.
Hope that makes sense, I am not an econ major or anything, just doing my best to break this down to a simple-ish level.
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Oh boy, my turn to post this joke:
Two economists are walking along a street when they come upon a pile of dog shit.
The first economist says to the other “I’ll pay you $100 to eat that pile of shit.” The second economist takes the $100 and eats the pile of shit.
They continue walking until they come across a second pile of shit. The second economist turns to the first and says “I’ll pay you $100 to eat that pile of shit.” The first economist takes the $100 and eats a pile of shit.
Walking a little more, the first economist looks at the second and says, "You know, I gave you $100 to eat shit, then you gave me back the same $100 to eat shit. I can't help but feel like we both just ate shit for nothing."
"That's not true", responded the second economist. "We increased the GDP by $200!"
I liked it when Elon Musk stumbled through this joke, and then when trying to explain it revealed he has no idea what the joke is even about.
Wait did this happen? If so that's hilarious
On the Joe Rogan podcast a few weeks ago.
I command you to inform us of what was said
The funny thing is it's true. They paid eachother the 100 dollars because they got more amusement out of seeing the other person eat shit than they valued the money. Likewise, they both accepted the 100 dollars because it was worth more than the displeasure of eating the shit. Thus, through transivity, we can conclude that seeing someone eating shit is more pleasurable than eating shit is displeasurable. They have the same amount of money, but their net utility has gone up.
To be fair, they're economists, anything they do that isn't their jobs probably results in their net utility going up
As someone studying economics, I find this to be true.
i love the actual oreo cookies, but the creme is kinda just meh
I desire the Oreo creme carnally, but the bones are whatever.
let's trade
Okay. I have a shiny Shinx.
I got a random shiny beedrill in z-a, was really cool, it was my second ever legit shiny
Heck yeah! My Shinx is in Legends Arceus. I got it on like my second day playing. It's my first shiny in a mainline game!
Oh
This is why oreo thins are peak
somehow I only ever find the normal and the double creme ones here😔
Golden Oreo thins my beloved
this is why i don't get the double+ stuf people, why are you asking for more of the worse part?
I like the stuf but double is too much, they should make a 1.5 stuf oreo
that's like the wrong opinion man
thats what Hydrox is for!
global gdp going from 1 to 500 trilion just sounds like the dollar reducing to one fifth of its value
Wait the GDP is going to go from one dollar to five hundred trillion dollars?
Tech journalists when they find out that anyone can just say words.
there are exactly zero journalistic outlets in the screenshot.
there is one unregulated casino tho
in a lot of countries journalist isn't a protected job title and anyone can call themselves a journalist, so by that logic anyone employing people who call themselves journalists and has them produce any writing is therefore a journalistic outlet.
as an actual journalist, this fills me with dread, but at least I live in a country that takes the description seriously and even has you give up your credentials and be barred from practicing with any serious outlet if there is evidence of journalistic misconduct. still, the way it works in the US is baffling.
yeah polymarket is a crypto casino that offers bets on news and events, they use twitter to push news to manipulate their casino
I don't think I know what GDP is, but i assume ita kind of like the god of the rich, were they sacrificed babys and mothers to maintain it all high and mighty.
Idk if this is a serious question or not, but either way - GDP stands for Gross Domestic Product. It’s a measure of the total value of goods and services produced in a year. A higher GDP means that the economy is larger. GDP per capita is the country’s GDP divided by their population.
So, yes, you’re essentially correct. It is an eldritch blood god worshipped by the obscenely wealthy and whose goals are inscrutable and likely harmful to all humanity.
very, very technically speaking this is still true, but ever since the stock market became a thing and companies can just get an evaluation with fictional money to borrow real money from banks (same thing applies to people too, but with companies it's even more commonly accepted), the GDP has essentially become a completely useless measure because the only thing it measures is how much of a circlejerk the ultra wealthy are currently engaging in.
only well-regulated economies can still trust GDP as an index for the actual economy, anywhere else you can just invent a fictional product or service, sell it at a ludicrously high price to someone else doing the same thing, infinitely bounce money back and forth and therefore "increase the GDP" because technically you were selling goods or services, but since those aren't actually real or are severely overvalued, the GDP increase is not representative.
also, don't even get me started on GDP per capita.
Carl Box would never say that. He's the best Oreo CEO we've ever had, and his favorite flavor is Strawberry Milkshake. The milkshake flavor really makes it.
That is my favorite one of those sketches. "What if the CEO was just a normal guy who wasn't brainwashed by capitalism?"
well of course; they didn’t rip off Hydrox for nothing.
In my life, Oreos are pretty dang important.
How exactly does growing the GDP help anyone? A poor person is going to still be poor in 5 years.
yes but they'll be able to say "I live in a country with a 50000000 trillion bajillion dollar GDP", as they dodge the space junk constantly falling on their head and try to get enough money to be able to afford a fresh tank of oxygen for the week.
if that's not what success looks like, I don't know what does!
Does anyone know what that even means? Hell, does it mean anything?
It means absolutely nothing. Ever since the stock market became a thing and companies are publicly traded and their evaluations are more important than whether they actually provide anything to society, you can just make up really convincing sounding snake oil, overvalue it, either sell it at the overvalued price to someone doing the same thing who you will buy the money back from or just get money from the bank by saying "look how high my evaluation is, now give me a loan" and get lots and lots of money on paper as well as actual liquidity without ever providing what the GDP was originally meant to measure: productivity.
At best we get a stable-ish bubble that doesn't burst and provides lots of well paying jobs which in turn hopefully mean that people spend money on real goods and services, that way there is an economic stimulus but only as long as the bubble never bursts.
Unless stock trading and ownership is abolished and companies can no longer be publicly traded or evaluated by some fictional assets they don't actually own, so unless we go back to a hundred years ago when you had to actually employ people, actually provide goods or services that people find useful enough to buy and find the price compelling enough to not go to an open-market competitor, we will never escape the jumping from one bubble to the next.
Unless of course there is eventually a collapse so bad that even with government bailouts the financial criminals won't be able to recover from their shenanigans anymore, but they're already preparing for that outcome too.
The "global GDP"? So it will cause a 5x inflation? If the global GDP rises, aka the GDP of every country on earth (or even just every major economy), then that more than likely doesn't mean that money that was sitting in a secret vault was unearthed and suddenly flooded the economy, more than than likely it just means a bunch of inflation which is great because people who were once millionaires and are not billionaires would really like to call themselves trillionaires on LinkedIn and if they have to ruin the global economy forever to do it, then that's a small price of everyone else but them to pay :)
No, I am serious though, GDP comes from goods and services being traded, either within a country or outside of it, that doesn't make a difference. The only way to raise the GDP is to boost production which, when done in a healthy way, happens because people are doing well financially and aren't afraid to spend their income on a wide variety of things rather than buying only essentials and saving the rest (aka letting it rot in a bank vault to be eaten up by inflation).
So one the other ways to raise GDP is when people aren't necessarily doing well but a lot of folks are making "investments" in the stock market or some other way of becoming a shareholder in a company. That makes those companies evaluations go up which they can use to borrow money from banks (who have the money because of aforementioned folks "saving" theirs) so now they have liquidity and use that to increase their profits on paper which then goes into a countries GDP for some reason and other than increasing shareholder value for that company, essentially nothing happened. They can also do this in perpetuity for some reason.
The other other reason why the GDP might go up is because of inflation. That means factually no more goods or services are being sold than before, but they are being sold at a higher price, possibly financed through higher salaries or wages (though usually not at the same rate) which in turn raise prices of the goods and services produced by the people being paid those salaries or wages, you know the drill, it's an endless cycle and rich people are terrified because their hypothetical money loses value that way. If you have a piece of paper saying "I own a billion dollars" and suddenly inflation happens so your "billion dollar" evaluation is now only worth like 250 million, you hit the panic button. So you start heavily investing into a specific company, or ideally an entire sector which keeps propping itself up at the expense of working people, that way the numbers might go up, but so does your hypothetical net worth number, meaning you can now not only once again say you are worth a billion dollars, but just make up any number and you can be worth that.
"The economy is doing well" usually just means stock prices are up which even if you own those stocks is completely worthless to you unless you hold a majority of it, those are the only people for whom the economy is truly good in that situation. The GDP increasing rarely if ever holds anything good for the people working hardest to create stimulus in an economy.
How do you create a truly secure economy? You buy local, don't support multinational conglomerates or really any publicly traded company (believe me, you don't have to in order to get by), rather than investing in stocks or any related financial products or keeping your money in the bank, you leverage your own income to get a loan, make the bank work for you for once and take out a mortgage on any home you can afford without locking yourself into a crazy 30-year mortgage with a high rate. Go as low as possible on both. Then you own that one property and you can either live in it yourself or if it suits your lifestyle better, you keep renting (ideally from private landlords rather than big management companies) and rent out your own property and use the income from that to pay either your rent or your mortgage, they should ideally roughly cancel each other out. The only thing you need here is a stable income, which I know isn't as easy to get as it sounds. The mega wealthy can't take those assets away from you though, or at least they'll have to try a lot harder to do so.
Hope that makes sense, I am not an econ major or anything, just doing my best to break this down to a simple-ish level.