- 22 Feb
GDP (Gross Domestic Product) – Don’t Believe it!
- Feb 22, 2016
- Business Cycles, GDP, Growth, Production
GDP is gross domestic product, not net domestic product. It measures production, not destruction. In 1958, Mao Zedong launched China’s “Great Leap Forward” and amongst other initiatives, provided lots of incentives to increase steel production. Steel output rose dramatically. BUT […]Read more