Lets say exports are 100 billion and imports 100 billion by the gdp formula net impact of that to gdp is zero.
But my basic brain says if i build house for my friend as export and import same value of cars from him, value produced was the house/cars. Or 100 billion in the first example.
Gdp per capita is like 2x since 1970. But typical argument is that back then single income could afford good lifestyle for entire family.
So by that premise you could argue that lifestyle is actually like third of one in 1970. Since requiring double income and still struggling to buy house and family.
So has any of your looked into this and explain why this might be?
Personally i agree that money supply expansion and housing regulations have done harm, but even then it doesn't explain the massive disparities between 2x gdp per capita and suggested 1/3 of actual lifestyle from 1970.