this post was submitted on 12 Oct 2023
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The Economy (media.mas.to)
submitted 1 year ago by yogthos@lemmy.ml to c/memes@lemmy.ml
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[–] lurch@sh.itjust.works 22 points 1 year ago (1 children)

I don't think those hypes are proppin up any the economy. Basic needs, like food, do. Those hypes are like the furniture in top floor of that building.

[–] yogthos@lemmy.ml 2 points 1 year ago (1 children)

Sure, that's the real economy, but the way the west measures it is largely based on how the stock market is doing.

[–] lurch@sh.itjust.works 5 points 1 year ago (1 children)

I'm in the west and i don't. I think we like to use GDP and Inflation. Those could be better, but they are not too bad. The stock market is mostly for gambling.

[–] yogthos@lemmy.ml 1 points 1 year ago

A lot of the mainstream economists in the west focus on the stock market, even of you don't personally.

Meanwhile, GDP and inflation are not great measures either. GDP in particular is very problematic because it doesn't measure productive labor. For example, health insurance industry is a large chunk of the GDP in US. It employs a lot of people while producing nothing for value for society

And the problem with inflation is with how it gets measured. For example, food and housing prices are growing far faster than the official inflation numbers.