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Alasdair Macleod: The difference between 'growth' and progress
By Alasdair Macleod
GoldMoney, Toronto
Thursday, February 10, 2022
Governments and central banks are making the mistake of believing that growth in gross domestic product is a primary measure of economic performance. This confuses growth, measured as a total of transactions without regard to their quality, with progress, where quality of life is the driving factor.
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The origin of this error is mathematical economics, which has banned human action from all policy considerations. You cannot quantify progress, while you can add up all the transactions that make up GDP. GDP rises, or grows, only when the currency value of transactions recorded increases. And that can be the case only if the quantity of currency in circulation inflates.
This article explains why this is so and describes why it is progress that should be everyone's economic objective. But that can be fostered only by sound money, enabling economic calculation, and minimising government intervention. That is on no one's agenda.
Instead, the inflation of GDP is rapidly driving the world into an interest rate crisis, likely to be far worse than currently expected, indiscriminately taking out economies and financial systems and being unbacked by anything other than diminishing faith and credit in them, fiat currencies as well. ...
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