Gross domestic product plays an outsize role in how we think of what the American economy creates. It’s what the U.S. Bureau of Economic Analysis refers to as its “featured measure of production.” ...
Consumption is an always effect of what actually matters: production. It’s a reminder that while “supply siders” are increasingly ridiculous, “supply-side economics” is a statement of the obvious: the ...
In the middle of the eighteenth century, the physician-turned-economist François Quesnay devised a quantitative model of the economy, among the first of its kind and a precursor to present-day GDP.
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