Dec
18

Grifting GDP

US GDP only includes legal activities. It really should include black-market activities like illegal drug sales, prostitution, theft, gambling, and so on. If it did, GDP would be about 1%, or $210 billion larger; the GDP of Alabama. In 1980, GDP would have been 4% bigger. Back then drugs were 2% of GDP, but just 0.5% today. Theft currently makes up the rest, with gambling and prostitution barely registering.                   

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