There
are well-known problems associated with the concept
of gross domestic product as well as with its measurement.
The inclusion of the service sector within GDP is something
that Adam Smith would have objected to on the conceptual
grounds that those employed in this sector constituted
"unproductive workers"; certainly in the former
Soviet Union and East European socialist countries,
it was not the GDP but the gross material product excluding
the service sector that was considered the relevant
measure.
*
This article was originally published in the Peoples
Democracyon
February 4, 2024.
This Document is in Adobe Acrobat format and would
need a PDF reader to view it.
