Notes on GDP, money and wealth

Considering how ubiquitous talk about GDP and growth rates is, it is noteworthy that as a concept it is of fairly recent vintage. The idea of having a measure of the “income” of a country was invented by the American economist Simon Kuznets for use in a US Congressional report in 1934. The “product” part of gross domestic product refers to the production of goods and services. It is an aggregate measure — and hence a macroeconomic measure. It is a measure of the total amount of goods and services that an economy produces. Full disclosure: I am not a macroeconomist and find the subject painfully boring. But here I am only discussing the limited idea of GDP.
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