Real Gross Domestic Private Product, 2000–2012
By Robert Higgs
This article appeared in the Summer 2013 issue of The Independent Review

Until World War II and the postwar years, when the federal bureaucracy institutionalized the government’s 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 economy’s performance for the past thirteen years has been only somewhat better than complete stagnation.

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