How To Measure A Country’s Wealth In Current Year

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For hundreds of years, people measured a country’s wealth in terms of its economic output. The generally accepted phrase is (or was) Gross Domestic Product, in reference to the aggregate value of goods and services produced each year.

Although there is technically nothing wrong with this definition of wealth, which has after all served us well through the years, only conservatives wish to hark back to the past. Since we know from the accredited media that conservatives are essentially Trump-supporting, evil lizard-men, why on Earth would anyone want to retain arcane traditions?

As progressives we continuously seek new, better and more Accredited ways of doing things. This takes courage. We are not afraid to jettison concepts that have stood the test of time, in order to experiment with novel and untested ideas which may or may not see their first birthday, or possibly bring about economic depression. To paraphrase Joseph Schumpeter, we are the epitome of creative destruction. To paraphrase both The Who AND Maynard-Keynes, I hope I die before I get old because in the long run we are all dead.

It is therefore in this spirit of mental masturbation that we have decided it is time to redefine the understanding of a country’s wealth. In the first place, any accountant worth xer salt would notice that Gross Domestic Product is purely a narrow measure of economic output; in other words, GDP focuses only on the country’s income statement and not its balance sheet. GDP takes into account only revenues from and the value of economic activity but disregards entirely the assets that provide the country with financial stability.

Our modest proposal therefore is that the definition of wealth needs to reference a country’s asset base. We propose that wealth is henceforth measured using a weighted average of the values of inter alia the following assets:

  • The value of the country’s housing stock – As BLM’s article on investing in condos showed, the value of this nation’s housing stock is growing exponentially and is certain to keep rising infinitely. Only an economically illiterate fool would bother renting a home these days; the smart money takes out 20 times income to get the biggest bang they can for their cash. Rising house prices reflects increased confidence in our economy and is therefore a genuine measure of wealth.
  • Cultural enrichment – Visit the website of almost any major corporation and read their ‘diversity statement’. Without exception, they are at pains to explain how diversity is “essential to their success” and that they would go totally bankrupt without diversity. It is like a game of corporate Jenga whereby removing a non-binary polytranspecies curious employee from the workforce could mean the total collapse of the company! Indeed, it is a wonder that these same corporations somehow made it through the barren years before Current Year when diversity simply didn’t exist. Anyway, the same principle applies to countries. Just a few years ago, places like Sweden, Germany and the UK were drab, grey, mono-cultural graveyards. Thanks to the influx of refugees and other economic migrants, these countries are all enjoying a sharp upturn in economic growth, property prices as well as a broader range of cuisines. This is true wealth.
  • Personal debt – As any accredited economist will tell you, debt is wealth. Literally. The more access to debt that a household has, the more that they can consume important stuff like iPhones, iPads, fast cars etc. It is consumption and the accumulation of debt (aka wealth) which makes a country truly prosperous. Whilst many people wrongly believe France to be a rich country, in fact its people are tremendously poor. This is because credit cards and overdrafts simply do not exist in this barbaric country. Instead, French people do something quaintly referred to as “living within their means”. We trust that President Macron will bring his people finally into Current Century.

There are of course many other ingredients that are baked into the wealth pie. These, however, are the most important. We shall be lobbying the IMF, World Bank, BIS, Fed etc. to ensure that wealth is redefined according to Current Year criteria.

Make my votes count
Make my votes count

They say “wealth is not judged by how much money you have but by how many friends you have”. I am so glad you covered diversity as a factor in your article.

I now say:
Wealth is not judged by GDP it is how many illegals want to cross your borders.

MillionDollarBonus

Undocumented immigrants are willing to do jobs that lazy, entitled whites are not willing to do. Whites are so lazy that they built America from scratch in a harsh new land, after travelling across the ocean and landing malnourished, while fighting the native population and taking care of their families …. on the backs of SLAVES!

These hard-working, pioneering undocumented immigrants are coming to underdeveloped wildernesses like San Francisco and Albuquerque, where they are employed by white male bosses and paid regular, tax-free salaries. Now that’s impressive! Viva La Raza!

trav777

Yes; there is no comparison to be made between white invaders and colonizers who arrived in a completely deserted area like the Western Cape and built a first world country on it because they CLEARLY had slaves that they used to do it for them.

Manhattan, for example, was SWINDLED from the natives for $5. Think about that- the Empire State Building alone is worth more than $5. This just shows how white people just exploit everyone. Everyone who is smarter than they are, totally baffle, make buffoons of, and exploit.

Black Lives Matter

This article is very important. The GAO and BLS need to start making hedonic adjustments to GDP based on important wealth criteria like cultural enrichment.

Another important variable is the degree of symbolic actions against CO2 taken. Applying that criterion, Obama greatly expanded America’s wealth, particularly by his rejection of the Keystone Pipeline for symbolic purposes, while Donald Trump has destroyed America’s wealth by his rejection of the symbolic Paris Climate Agreement. Making this adjustment would clarify how unbelievably bad the alt-right is on the economy.

Buck
Buck

Cross your fingers for a fellow AT reader. I didn’t want to prematurely spill the accredited beans, but I’m currently waiting to hear back from the prestigious and highly regarded BLS about a job offer.

I knew the moment I saw the listing that this job had my name written right on it. The work, as an Analyst, promised a relaxed and friendly atmosphere, and tons of freedom in economic reporting. They stressed they were looking for creative candidates who would have no trouble maintaining a positive outlook at all times. This was definitely for me! I’ve already interviewed and I found the office environment to be low-key, modern, fun, and cool. Very diverse, etc. A REAL workplace.

The small business I work for now doesn’t even devote ANY company profits to activism!

MillionDollarBonus

Wow, good luck Buck! If you’re a cis white male, I suggest you consider becoming non-binary before the interview to maximize your chances.

richandrenee

The wealth of a nation can be fairly accurately measured by the size and vibrancy of its LGBTQ+ community – the gayer the richer.

Great article Pbier.

Black Lives Matter

#MeccaPride!!!

MillionDollarBonus

It’s true! All the wealthiest cities are LGBTQ+ hot spots, like San Francisco and Sydney!

Bardi Rothmurray
Bardi Rothmurray

Amazing scholarship Pbier, I also think that the evil of savings should be mentioned. When people save money, they effectively hoard cash and keep it from being a down payment to create more debt that helps boost the country’s economy and provides jobs for POC’s. It’s even worse when they will their savings to their children who might not spend it properly. That is why the government should seize all inheritances and use it for good causes like immigrant and LGBTQI health care.

MillionDollarBonus

Totally agree. Saving is economic terrorism. We need to become more like Africa and have our children pay for our retirements, instead of saving. Boomers are leading the way in that regard.

trav777

When whites save, they are hoarding “generational wealth” and are enforcing white privilege

Black Flies Matter
Black Flies Matter
MillionDollarBonus

Nice one Pbier! Although I’ve praised the GDP’s measurement of spending, it still has too much relation to old ideas about balance sheets like you say. We need to start measuring social justice as wealth, as well as QUALITY OF LIFE. Greece for example, had great quality of life, even though it wasn’t considered a particularly wealthy country. That was until capitalist creditors destroyed it by demanding to get paid back. This is why we need to have a $15 minimum wage and employ people in government jobs, which provide plenty of leisure time and generous salaries – then quality of life will go up massively, and so will REAL economic growth.

Real estate is not only a massive source of wealth – it also employs millions of highly skilled people in good-paying jobs. I’ve visited the UK before, and even in the smallest village in the middle of nowhere, there are still at least four real estate agencies on every block. Real estate is a HUGE INDUSTRY.

Vladmir Putin
Vladmir Putin

A company that produces something useful for the community, and employs people in that process, is good for the economy. But an eunuch is not satisfied. He wants to bring in a concept like Corporate Social Responsibility, so now the company instead of focusing on things it does best, gets controlled by the eunuchs. Who then mandate that money and effort be assigned to mitigate global warming, to get more students into Common Core, to sell HPV vaccination, to maintain toilets for trans-genders, or to keep the city clean.

Eunuchs should be regarded as an important asset in a nation’s prosperity.

hungrypirana
hungrypirana

Anything the Clintons do deflates GDP. Anything Hollywood does double deflates GDP. Anything progressives do triple deflates GDP. Ugly carbon footprints; the whole lot of them!

On the other hand, police dogs must be counted as GDP.

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