RE: Tech's Greatest Contribution: Massive Deflation
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May be the lesson learned here is the revising the very idea of GDP and creating new indicators to measure your economy. There have always been criticism over how the use of GDP is biased and incomplete. Experts loved it coz it allowed them to demonstrate how and why the indicators (inflation, deflation and others) are behaving the way they are supposed to. The wall-street experts and governments were controlling the indicators.
Allowing to measure economy in new terms and indicators that properly measures new invention and new environment may allow effective gazing of the new economic order.
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There certainly is a need for new indicators in both economics and accounting. Neither has adapted very well to the new era of technology.
Take intellectual property which expanded greatly in the tech age. Accounting doesnt have a great way for valuing that and it, in the end, just turns into a guessing game.
The same holds true for many economic indicators.
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Yeah. And may be that's the reason BTC is becoming a mainstream asset and not a cypher punk coin. The metrics are changing and being modified to accommodate this new asset.