We fully expect a “revolution” in the measurement of economic data as “big data” takes an increasing role in society and dominates metrics and measurements.
It won’t be long before we have precision real-time measurements from everything to real economic activity, inflation, and labor market conditions.
Gross domestic product is the defining metric of the last 80 years. It arose from the ruins of the Great Depression to serve as the ultimate measure of an economy’s welfare, the indicator to end all indicators. But GDP’s long run may be coming to an end.
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