GDP vs. GPP - Keynes vs. Hayek

An interesting piece on some of the flaws of GDP as a measure of economic activity.

There are two opposing positions on government spending stimulus: the Keynesian position that it stimulates economic growth generally and the Austrian position that by crowding out the private sector it substitutes less efficient for more efficient use of resources and hence retards growth. From the GPP data now available, while as always there is considerable "noise" in the statistics, the Austrian view is decisively the more plausible.

It's a long piece, and I don't agree with all of it, but it's an interesting (and very bear-ish) take on where we are...