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How The Cult Of GDP Accounting Inherently Leads To Bad Government Policies

Summary:
In short, GDP attempts to measure the total value of finished goods and services produced in the nation in a given period—typically a year. But does this focus on final goods paint an accurate picture of total economic activity? As any reader of the classic Leonard Read essay “I, Pencil” can attest, the bulk […]

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  In short, GDP attempts to measure the total value of finished goods and services produced in the nation in a given period—typically a year. But does this focus on final goods paint an accurate picture of total economic activity? As any reader of the classic Leonard Read essay “I, Pencil” can attest, the bulk […]
David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

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