The people who use GDP are aware of this. The thing is that no one has come up with anything better.<p>It&#x27;s also worth noting that GDP missed things before that were a lot more important than clock cycles.<p>In 1800 in the US about, say 1&#x2F;3 of children died before they got to 5. This wasn&#x27;t captured in GDP. But it&#x27;s a far bigger deal to watch children die than to play games on a faster computer.<p>Years of healthy life also shot up, mostly prior to 1950 in the developed world. How much is it worth to see your grandchildren grow up because you live longer and healthier and children don&#x27;t die as much?<p>This all comes from the fantastic book &#x27;The Rise and Fall of American Growth&#x27; by Robert Gordon. It might be worth checking out for you. It goes on about what GDP doesn&#x27;t measure but still uses it to show that productivity isn&#x27;t rising like it used to and shows the implications of that.