00:01
So here we're talking about gdp, so we better make sure we know what gdp is.
00:04
It is the market value of all domestically produced.
00:14
So everything that is produced within our borders, final goods and services.
00:23
So the key thing about gdp, or one of the key things, is market value, right? so that is implicitly saying is convert all stuff to dollars.
00:39
An economy produces all sorts of stuff.
00:42
It produces hip replacement surgeries.
00:44
It produces iphones.
00:46
It produces political speeches.
00:48
It produces broadcast television.
00:51
It produces commercials.
00:52
It produces people who take the garbage out.
00:55
But all of those things are very different, right? and that makes it very difficult to compare countries, right? because countries produce...
