
Ep. 2452 Hayek's Nobel Prize, 50 Years Later
The Tom Woods Show
00:00
Limitations of GDP and the Importance of Gross Output
This chapter discusses the limitations of using the GDP as a sole measure of the economy and highlights the importance of gross output (GEO) as a better measure. The speakers delve into the different stages of production and the temporal nature of these stages, emphasizing the need to measure all expenditures to get a comprehensive understanding of the economy.
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