Saturday, May 24, 2014

EconTalk: On GDP

In the morning post today I discussed the emergence of a potentially new and powerful economic output measure, Gross Output.  Here, I'd like to stay with the theme of macro-economic output measures by offering a link to a recent EconTalk podcast featuring Diane Coyle, a British economist who has just released a new book on, and entitled, GDP.  Here's a description of the podcast:
Diane Coyle, author of GDP: A Brief but Affectionate History, talks with EconTalk host Russ Roberts about the history of GDP, its uses, and its abuses. Topics discussed include the origins of GDP in the developed countries, the challenges of measuring the service sector, the challenges of dealing with innovation and product diversity, whether GDP should be supplemented with other measures of human well-being, and the challenges of dealing with internet-based goods that produce a great deal of satisfaction but make a much smaller impact on measured economic activity.
Click the link above to listen to this very interesting discussion.  Also, here's a link to a  review of Coyle's book by John Cochran in an article for the Mises Institute.  It, too, is definitely worth your time.  Personally, I find Coyle's attachment to GDP to be sincere but mis-guided, a position Cochran fully supports in his article.