Why Did Simon Kuznets Want to Leave Military Spending out of GDP?
Simon Kuznets (Nobel 1971) usually gets the credit for doing as much as anyone to organize our modern thinking about what should be included in GDP, or left out. But I had not known that Kuznets apparently argued for leaving military spending out of GDP, on the grounds that it wasn't actually "consumed" by anyone, but should instead be treated as an intermediate input that supported production and consumption. Here's how Hugh Rockoff tells the story in his essay, "On the Controversies behind the Origins of the Federal Economic Statistics," in the Winter 2019 issue of the Journal of Economic Perspectives. [Full disclosure: I work at JEP as Managing Editor.] Rockoff writes:
- 06/02/2019
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Be Ready: So That You Don't Have to Get Ready
"Always be ready. So that you don't have to get ready." Best Facebook advice I've ever witnessed from a good friend who's now a 3-time Grammy winning drummer.
- 06/02/2019
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Potential Dangers of Augmented Reality
In addition to being aware of the business benefits of augmented reality (AR) and devising applications to make the most of it, organizations should also recognize the potential dangers of AR in the early stages of planning to guarantee successful implementation.
- 06/02/2019
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An Energy Transition is Judged in the Long Run
An energy transition is like a race for transatlantic sailing: several paths are possible, each of them includes pitfalls and difficulties (storms, lack of wind), the intermediate positions of competitors do not always predict the final result.
- 06/02/2019
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