Economic Fiction

Suppose you sat down at a blackjack table and were dealt the ace and jack of spades. You turn over the cards and proclaim that you’ve got blackjack. But the dealer announces that from now on, the winning hand is 30, and you’ve lost. You’d be mighty confused. So imagine how confusing it is that the gross domestic product (GDP) — the output of goods and services produced by labor and property located in the United States — is running at an annual growth rate of 1.8... Read More