#Bitcoin will fix GDP calculations. Observe, three methods of calculating GDP:

The first equation is the only one they taught me in undergrad econ. G, government spending, is problematic, and nominal figures will distort (over estimate) the ending GDP.

The second is intriguing, and I think ideally might be useful for correcting the first. The problem here is that there is always a black market, **_and there always should be_** because the whole market finds values under the assumption of free trade, and black markets are the purest version of free trade possible within whatever economy they operate. Even black markets have rent seekers, though. I suspect a comparison of the final value from the second method with the final value from the first will allow for a correction of the G component in the first.

The third shows the most promise for the future bitcoin based economy. It makes no assumptions about where output and consumption occur, whether its taxed, whatever shenanigans the government does, and is agnostic to trade over borders. I expect over the next twenty years, value chains for high tech products will dramatically lengthen, while the chains for basic consumption will effectively shorten by domestication. Construction is still not fully disrupted by 3d printing, food is arguably too cheap and will its production will redistribute as subsidies to big ag disappear and people return to owning land - I don't think I need to elaborate on why these will happen ; bitcoiners know why.

Here, I wrote about value chains/chains of production: