[Flash 9 is required to listen to audio.]
Dimlite - Sophisticated Youthpower (feat. Buddy Leezle)
2 days ago
3 days agoWilliam Eggleston’s Untitled (Biloxi, Mississippi) (1974). © 2007 Eggleston Artistic Trust. Courtesy Cheim & Read, New York
“
hen economics professors teach the basics of Gross Domestic Product (GDP), we usually caution our students that it is not a good measure of welfare. Unfortunately, many economists go on to give GDP far more credit than it deserves. They tend to consider fiscal and monetary policy positive if these policies increase GDP, but they often fail to ask, let alone answer, whether those same policies increase or reduce welfare. I have a term for giving GDP such a sacred a place in economists’ reasoning: GDP fetishism. If we return to some basic principles of economics, we will avoid GDP fetishism, do better economic analysis, and propose better policies.— David R. Henderson 1 week ago
