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.
Read the Full Article
(PDF, 4 pages)
|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)]|