{"id":77243,"date":"2024-08-15T08:00:18","date_gmt":"2024-08-15T07:00:18","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=77243"},"modified":"2024-08-15T08:00:18","modified_gmt":"2024-08-15T07:00:18","slug":"gdp-is-up-but-is-that-good-news","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/08\/15\/gdp-is-up-but-is-that-good-news\/","title":{"rendered":"GDP is up, but is that good news?"},"content":{"rendered":"

New figures for the UK's gross domestic product (GDP), which is believed to be the best approximation we have to our national income, are out this morning.<\/p>\n

As the Office for National Statistics (ONS) says on Twitter:<\/p>\n

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There will be much celebration, even though Labour can take no credit for this, at all.<\/p>\n

But I question whether this is appropriate. Note this follow-up Tweet:<\/p>\n

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So, we have grown because of scientific research, much of which may be on how to make us even more addicted to ultra-processed food; the advance in artificial intelligence, much of which is intended to put people out of work; and because there are more legal disputes, which are only ever a win for lawyers whilst always reducing the sum of human happiness.<\/p>\n

Of course, I may be wrong about the science. Perhaps it is not developing arms, the means to surveil us, and products on which we might become dependent. And maybe it isn't creating patents solely that they can be exploited for tax purposes.<\/p>\n

And, maybe the IT is benign; only trends in energy consumption in the sector suggest not.<\/p>\n

I am pretty sure I am right on legal services.<\/p>\n

In other words, is this increase in GDP really something to celebrate? Should a bigger number always be better than a smaller one? And wouldn't it be good to know enough to be sure?<\/p>\n

I'd just remind readers of this video I made recently:<\/p>\n