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|
|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|
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