Does anybody know of any measures that can actually measure economic health/growth? Are there any measurement that can be used to compare economies?
Define “economic health/growth”.
Hmm, I said health so I would’nt be given formulae that measures purely growth in a booming economy. I guess a measure that can calculate the current performance aswell as current and future ability of an economy. I’m sorry this is a terrible explanation. I think I’ve realised there is no such thing. But is there anything that Austrians use as an alternative to GDP/GNP.
Not really, because as you said, there really isn’t such a thing.
GDP is meaningless, and value is subjective,so there’s no possible way to objectively measure wealth. You can make some assumptions and derive some conclusions from a priori reasoning, and then use empirical data to support those conclusions, but there’s no way to assert or quantify “health/growth” in any meaningful sense.
This is basically the fundamental crux between Austrian methodology and every other school of thought.