tag:blogger.com,1999:blog-2098432983500045934.post3120665453909049211..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: No, That's Not TrueThe Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2098432983500045934.post-9814111542461662532014-07-21T18:01:21.842-04:002014-07-21T18:01:21.842-04:00See also my series on Gross Domestic Spending, fro...See also my series on <a href="http://newarthurianeconomics.blogspot.com/search/label/Gross%20Domestic%20Spending" rel="nofollow">Gross Domestic Spending</a>, from the summer of 2014.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-40306990044181957522009-10-22T04:20:24.874-04:002009-10-22T04:20:24.874-04:00The goal of GDP is to summarize in a single number...The goal of GDP is to summarize in a single number the dollar value of <b>value created</b> in a given period of time.The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-60690406025396524292009-10-22T04:13:34.563-04:002009-10-22T04:13:34.563-04:00The difference between final spending and total sp...The difference between <i>final</i> spending and <i>total</i> spending has implications that are often overlooked.<br /><br />Final spending is a tally of value created. It's the measurable value of output, behind the scenes in Milton Friedman's famous "money supply relative to output."<br /><br />Total spending is the unmeasured measure of the actual use of money. I always say it isn't printing money that causes inflation, but the use of money. Total spending is the use of money. Total spending is "demand."<br /><br />Total spending relative to output, this is the cause of inflation. But we don't even measure total spending.<br /><br />Gosh golly, we don't even have economists who know the difference between economic activity and GDP.The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com