Two months ago I read a great book titled Leading Indicators which looked at, among other things, why we started GDP in the 1930s and why it has become very outdated. To that end the author, Zachary Karabell put his thesis right here in this great summary article. in Foreign Affiairs. It is very interesting as it looks at an iPhone which counts as a $200 trade deficit between the US and China, but
Thus Karabell argues that we should use big data to re-figure GDP. It is an intriguing thought and an interesting thought.