Ep. 130: Demystifying GDP
The Seen and the Unseen - hosted by Amit Varma
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The History of the National Bureau of Economic Research
Simon Kuznets was the founding father of modern GDP. He started a work on estimating national income in 1929 and 1930s. After Hoover lost election, Roosevelt realized that we need a measure of what of the country to figure out how recovery can happen. White House tells Department of Commerce: We have to figure out research program by which technically output of the country can be measured. Then the Department of Commerce contacts NBR. That's basically the starting point of how GDP came about.
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