My friend Mark Skousen for two decades has argued that the GDP statistic is incomplete. It’s misleading as a stand-alone statistic. It’s based on Keynesian demand-side assumptions. What is needed is a supply-side approach.
He offered it. Sadly, it was ignored for years. But in an amazing development, the federal government has now adopted it as an addition to GDP. The government will be releasing this statistic from now on. It’s called Gross Output.
I say, ‘It’s about time.” “Better late than never.”
It illustrates my motto: “You can’t beat something with nothing.” Now we have something.
The Wall Street Journal ran his article on it. Click the link.