[OPE] one of the great inventions of the 20th century?

From: Jurriaan Bendien (adsl675281@tiscali.nl)
Date: Fri Mar 07 2008 - 21:58:13 EST

Paul Samuelson, Nobel Laureate and author of many textbook references, once described GDP as "truly among the great inventions of the 20th century, a beacon that helps policymakers steer the economy toward key economic objectives". http://www.oecdobserver.org/news/fullstory.php/aid/1518/Is_GDP_a_satisfactory_measure_of_growth_.html

I have been meaning to write an article on GDP, given that almost no economists in my experience understand what it means and does not mean. But maybe Michael has beaten me to it already.


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