Real Gross Domestic Private Product, 20002012
By Robert Higgs
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.
|Other Independent Review articles by Robert Higgs|
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|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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