Brendan Keenan: Buying into Gross Satisfaction Product theory
Government emphasis on economic output or GDP may not accurately reflect what consumers really want
SAD cases, like me, who go to the regular presentations of statistics from the CSO, often mingle afterwards, over the government-issue coffee, to ruminate on what we have just heard.
One discussion which stuck in my head, at the height of the bubble, was about why there were so many people building houses. Not the number of houses -- which was extraordinary enough -- but the number of, mainly foreign, workers constructing them.
Events since have convinced me that our guess back then was correct -- the houses were being built largely to avoid tax, and they were being built as quickly as possible to avoid being caught by the abolition of the tax reliefs.