One reason why countries like Ireland, Macau, Bermuda ... and the USA -- do so well in GDP is financial industries: "economic" activity which offers little help for ordinary "people." (I quote "people" since I refer to H. sapiens while the term includes corporations in post-rational American diction.)
Agreed, you can't make a reasonable comparison for the haven countries. Look at the others.
Did you notice I included USA on the list of what YOU call "havens"? Should we exclude it too?
But I didn't use the term "havens." What I wrote is in Red above.
GDP measures the "production of goods and services." If a drug company raises its prices to make an extra million dollars to pay its CEO's salary,
that million is included in GDP! Break windows and then repair them?
The cost of repair is included in GDP; the breakage is NOT subtracted. GDP blipped upward when employment surged to clean up from the Exxon Valdez oil spill.
I was saying you can't compare the tax haven countries because they get "production" that doesn't really happen. It's not the same thing as financial industries.
Wells Fargo increased GDP with its fraudulent service charges. GDP includes the million-dollar bonus paid to the Merrill Lynch "analyst" who made money for his firm with a pump-and-dump scheme and never went to prison.
Income for millionaires and billionaires is factored in to "average household income." Do you REALLY think that's a good metric to learn how STRUGGLING American households are doing?
It's not distorting the numbers like you think. I posted a thread about this recently that clearly showed that boats are floating in all income brackets, not merely at the top. But that doesn't fit the narrative and it got basically ignored.
And you complain that "happiness ratings" are "subjective"? In fact, the scores are derived from well-defined quantitative criteria, e.g. infant mortality. The U.S. has 6.3 under-five deaths per 1000 births, higher than Uruguay or Russia and much higher than Finland (2.3) or Japan (2.5). But I agree: "Happiness" is hard to measure; happiness scores might be almost as flawed as GDP.
You would think it was a well-defined criteria but it is not. Strangely, when you plot stillbirth + infant mortality you get a far flatter curve than when you plot either independently. The only way this makes sense is differing calls on exactly what counts as a live birth (which is how Cuba gets it's good metric--anything below a cutoff weight is not considered a live birth, period.) The fact that infant mortality is not a consistent yardstick gets pushed further and further into the background as they try to pretend the UHC systems are superior. (IIRC the latest iteration simply says that it's not a good measure for some countries and doesn't even identify the US as having distorted data. Think of the old story about how a crock of shit got edited by each manager along the way so the guys at the top thought it was good.)
But it's cynical to discard a subjective rating that goes against your particular point while embracing an equally subjective rating that supports it.
The problem with happiness is that it inherently is against expectations, not against some accurate yardstick.