00:01
So here we're talking about gdp, right? and gdp is the market value of a final domestic production, right? so we're thinking about only final goods.
00:14
We're thinking about only goods produced within a country, right? gross domestic product.
00:18
And we are thinking about adding together the goods market value.
00:22
So let's go through each of these, right? a new house is equal to investment, right? and not consumption.
00:34
It's an investment in providing housing services over the long time, right? this is one of the things that, you know, we are often confused by.
00:44
We think of housing as an individual thing and individual consumption, but a new house is equal to investment, right? it provides housing services over many years, just like a new factory will provide valuable stuff for many years.
00:59
B, the house is nothing because there was no production.
01:09
It's used house and used houses are exempt from gdp because they don't reflect anything being produced...