But the really basic problem with GDP is that by not making value judgements, we confuse rents with profits. If we don’t know the difference between value creation and value extraction activities—the kind that are charging prices or earning fees, and hence are included in GDP—we risk passing off anything included in GDP as value creation. In the process we reward those activities, so it becomes sort of a feedback loop: because they’re valuable, we consider them valuable and they will be valued by society so policymakers will try to increase those activities, and that then also increases those activities’ share of GDP.