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Ep. 2452 Hayek's Nobel Prize, 50 Years Later

The Tom Woods Show

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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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