Last Updated:2022/12/22
Sentence
Economics
is
a
messy
discipline:
too
fluid
to
be
a
science,
too
rigorous
to
be
an
art.
Perhaps
it
is
fitting
that
economists’
most-used
metric,
gross
domestic
product
(GDP),
is
a
tangle
too.[…]But
as
a
foundation
for
analysis
it
is
highly
subjective:
it
rests
on
difficult
decisions
about
what
counts
as
a
territory,
what
counts
as
output
and
how
to
value
it.
Indeed,
economists
are
still
tweaking
it.
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Economics is a messy discipline: too fluid to be a science, too rigorous to be an art. Perhaps it is fitting that economists’ most-used metric, gross domestic product (GDP), is a tangle too.[…]But as a foundation for analysis it is highly subjective: it rests on difficult decisions about what counts as a territory, what counts as output and how to value it. Indeed, economists are still tweaking it.
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