In the news lately and in previous administrations, one of the most popular sound bytes I've heard was: "so and so is not growing the economy, he's growing the bubble." As with much sensationalism in the news, this is a rather normative statement. What I want to investigate is:
Question: what is a positive statement that can be said for the same argument?
Seeing as the federal reserve themselves have openly said they have no formal definition of a "bubble" and we can take it all the way back to the tulip mania days, but I think it's still interesting to see what is the most persuasive quantifiable metric that would suggest if the bubble is growing or if the economy itself is growing.
My best attempt One metric I noticed was in America home ownership is down and yet the real estate prices are increasing, suggesting that the valuation of homes is from the speculation of a wealthy few. Now, I concede this is only representative of one part of the economy, to see the bigger picture we would have to include more industries. Perhaps the same technique, but using a composite basket of such metrics?