GDP estimates are eagerly awaited in the City, and dominate the media headlines. Huge significance is attached to arithmetically trivial differences, whether between market expectations and the announced figure, or to subsequent revisions to the data.
But GDP is not something which can be put in a set of scales, say, and measured accurately. The concept is clear. It is the value of national output at market prices. Market prices? How do we value the public sector, where there are no market prices? A series of plausible conventions has evolved as to how to value such activities. But there is a substantial amount of arbitrary judgment involved.
The last three Olympics have seen a titanic battle between the US and China to head the medals table. If
We all know now about the empty roads and deserted shops, all quite contrary to the official announcements before the
The last week or so has seen complete mayhem in the Royal Bank of Scotland and its subsidiaries. A computer
Thomas Schelling is a brilliant American polymath, who deservedly won the Nobel Prize in economics in 2005. One of his
The corporate world exhibits a wide variety of structures. Co-operatives and partnerships have been around for a long time and
The British and American recoveries do seem to be stalling. The recovery profile is by no means as strong as