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Volume 20  Number 1  •  Summer 2015
All Issues:  

Gross Domestic Product—an Index of Economic Welfare or a Meaningless Metric?
By Robert Higgs
This article appeared in the Summer 2015 issue of The Independent Review

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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