Until World War II and the postwar years, when the federal bureaucracy institutionalized the governments preferred method for calculating national income, economists offered sound arguments for excluding government spending from estimates of gross domestic product. Using their general approach reveals that the private economys performance for the past thirteen years has been only somewhat better than complete stagnation.
|Other Independent Review articles by Robert Higgs|
|Winter 2016||Ludwig von Mises and Dietrich von Hildebrand: Some Remarkable Parallels|
|Fall 2015||How Big Is Government in the United States?|
|Summer 2015||Gross Domestic Productan Index of Economic Welfare or a Meaningless Metric?|
|[View All (52)]|