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.
Download PDF
(5 pages)
Robert Higgs is Retired Senior Fellow in Political Economy, Founding Editor and former Editor at Large of The Independent Review.
| Other Independent Review articles by Robert Higgs | ||
| Fall 2019 | Pressure-Release Valves in Participatory Fascism | |
| Winter 2018/19 | Two Worlds: Politics and Everything Else | |
| Fall 2018 | Against the Whole Concept and Construction of the Balance of International Payments | |
| [View All (63)] | ||
