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The Structure of Production - New Revised Edition (Paperback, New Revised Ed)
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The Structure of Production - New Revised Edition (Paperback, New Revised Ed)
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In 2014, the U. S. government adopted a new quarterly statistic
called gross output (GO), the most significance advance in national
income accounting since gross domestic product (GDP) was developed
in the 1940s. The announcement came as a triumph for Mark Skousen,
who advocated GO nearly 25 years ago as an essential macroeconomic
tool and a better way to measure the economy and the business
cycle. Now it has become an official statistic issued quarterly by
the Bureau of Economic Analysis at the U. S. Department of
Commerce. In this new revised edition of Structure of Production,
Skousen shows why GO is a more accurate and comprehensive measure
of the economy because it includes business-to-business
transactions that move the supply chain along to final use. (GDP
measures the value of finished goods and services only, and omits
B-to-B activity.) GO is an attempt to measure spending at all
stages of production. Using GO, Skousen demonstrates that the
supply-side of the business spending is far more important than
consumer spending, is more consistent with economic growth theory,
and a better measure of the business cycle.
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