Gross Domestic Productan Index of Economic Welfare or a Meaningless Metric?
By Robert Higgs
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.
|Other Independent Review articles by Robert Higgs|
|Winter 2018/19||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)]|