It's funny how you're more likely these days to see an economist declaring the system bogus. Like this fellow. I'm reminded of this quote, which I came across in Douglas Hubabrd's "How to Measure Anything".
"The first step is to measure whatever can be easily measured. This is OK as far as it goes. The second step is to disregard that which can't be easily measured or to give it an arbitrary quantitative value. This is artificial and misleading. The third step is to presume that what can't be measured easily really isn't important. This is blindness. The fourth step is to say that what can't be easily measured really doesn't exist. This is suicide."
Attributed on Wikipedia to Daniel Yankelovich "Corporate Priorities: A continuing study of the new demands on business." (1972)