GDP is a measure. I'm very much not an economist, but I am extremely skeptical that the health of an economy can be reduced to any single number. Goodheart's law and all.
I concede that GDP is a good indicator, but I think you can have things that help GDP while simultaneously hurting the economy. Otherwise any scam or con would be considered beneficial, and it would make sense to mandate minimum individual spending to ensure economic activity. A low GDP inherently shows poor economic health, but a high GDP does not guarantee good health.
In my mind (noting, again, that I'm no economist), economic health is defined by the effectiveness of allocating resources to things that are beneficial to the members of that economy. Any amount of GDP can be "waste", resources flowing to places where they do not benefit the public. As Robert Kennedy famously pointed out, GDP includes money spent on addictive and harmful drugs, polluting industries, and many other ventures that are actively harmful.[0]
Going back to the previous posters monetary velocity statement, if you have a trillion dollar GDP, but it's just two AI's bouncing money back and forth high speed while all the humans starve in the street your economy is "great" and totally awful at the same time. The one number has to be referenced against others like wealth inequality.
I concede that GDP is a good indicator, but I think you can have things that help GDP while simultaneously hurting the economy. Otherwise any scam or con would be considered beneficial, and it would make sense to mandate minimum individual spending to ensure economic activity. A low GDP inherently shows poor economic health, but a high GDP does not guarantee good health.
In my mind (noting, again, that I'm no economist), economic health is defined by the effectiveness of allocating resources to things that are beneficial to the members of that economy. Any amount of GDP can be "waste", resources flowing to places where they do not benefit the public. As Robert Kennedy famously pointed out, GDP includes money spent on addictive and harmful drugs, polluting industries, and many other ventures that are actively harmful.[0]
[0]: https://youtube.com/watch?v=3FAmr1la6w0