OF course if the calculation of GDP is a bull crap meaningless equation there are a lot of implications to that, and a lot of economic terms that then also become meaningless.
Exactly. When I was taking Macroeconomics – a required course – the professor called me into his office and asked why I was only getting a C in the course. He said that he had realized that I must not have been reading the textbook lately because of the way I answered some questions on the last test.
He was more than a little shocked when I told him that I not only hadn’t read the book, I didn’t even own it and had no intention of buying it. After I explained Mises refutation of Keynes, criticized both the Keynesian GDP calculation and the IS=LM model – yes, Investment=Savings might be a valid equation in a world where no one can borrow money, the USA saves no money and yet we still have a boatload of investment somehow – my professor kindly suggested that perhaps I might prefer doing an independent study under his oversight instead of taking Keynesian 301 nonsense in the next term.
Most economic terms are meaningless. The models are laughably inaccurate and predict nothing. The CPI is fiction. GDP is fiction. Productivity measures are howlingly ludicrous. Mainstream economics, i.e. Keynesian economic measures, consist of illusion stacked upon illusion all piled on top of a foundation of lies. If you actually bother to count material goods or track prices on your own, you’ll quickly see that things just don’t add up.