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 2015||Tolstoys Manifesto on the State, Christian Anarchy, and Pacifism|
|Fall 2014||Ronald Coase, Anomalous Superstar of the Economics Profession|
|Summer 2014||The Feds Immiseration of People Who Live on Interest Earnings|
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