<p>I’m really not keen on getting into this silly argument when the focus is on education. Your points are beside The Point. The idea of this government-backed asset bubble is a red-herring, since the inflation of existing assets and their resale is not factored into GDP. As for newly purchased assets, a bubble is a problem of value - simply people believing things are worth more than they are. Inflated values of assets and commodities do not meaningfully affect total spending, so the amount of production behind the spending is the same; the spending is simply misallocated. And again, these points are at best vaguely related to the issue of at hand.</p>
<p>Honestly, it just sounds like you’re throwing random economics glossary terms together in the form of an “argument.” GDP is imperfect, but the best measure readily available for measuring production. I don’t know what you would propose. That United Nations fraud known as the HDI? Even that factors GDP PPP into its calculations. It might be cool in your seminar to just spew buzz words and watch people try to react, but I don’t think it’s very helpful for the purposes of meaningful discussion.</p>