The short version is that everything is not counted in tax dollars. The government monopoly on money has never been complete, and the tax dollar domain shrinks and expands while economists are not allowed to see that part.
It was a simple math mistake someone made at MIT in the early 70s.
Jim McCaughan: I think they're missing the impact of technology, and I think it's being underestimated by a lot of commentators. What I mean by that is the consistent improvement in quality of goods and services is not reflected in the official data. If you think about it, the economy is really growing faster than the GDP numbers suggest, because the improvement in quality has accelerated. It's always been built into the GDP numbers, but inadequately. I'd also point out on the economy that capital investment is now a lot more productive than it used to be. Technology makes sure of that.
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