The Birth of Modern Economic Thought

This chapter examines the historical development of economic concepts, particularly how they gained prominence during the Great Depression. It highlights the introduction and evolution of Gross Domestic Product (GDP) as a crucial economic indicator, showcasing the efforts of figures like Simon Kuznets in shaping this measurement. The narrative captures the impact of these developments on public perception of the economy and the challenges faced during the transition to viewing economic performance as a manageable system.