Contrary to most economists today, gross domestic product is a measure of total output and a measure of economic welfare. But for reasons articulated by astute analysts a few generations ago, it is a poor measure that relies on a host of dubious assumptions.
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|Other Independent Review articles by Robert Higgs|
|Winter 2019||Two Worlds: Politics and Everything Else|
|Fall 2018||Against the Whole Concept and Construction of the Balance of International Payments|
|Summer 2018||Feedback and Correction in Government and the Market|
|[View All (62)]|