tag:blogger.com,1999:blog-2098432983500045934.post5297740460436897018..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: Confusion and ContextThe Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2098432983500045934.post-47198848722417776242014-07-26T06:54:01.445-04:002014-07-26T06:54:01.445-04:00At The Slack Wire, JW Mason writes:
... The first ...At <a href="http://slackwire.blogspot.com/2012/11/demand-and-competitiveness-germany-and.html" rel="nofollow">The Slack Wire</a>, JW Mason writes:<br /><b>... The first line of the table below shows total demand in each -- that is, all private consumption, government consumption, and investment -- in billions of euros. (As usual, this is <i>final</i> demand -- transfers and intermediate goods are excluded.) So, for instance, in the year 2000 all spending by households, firms and governments in Germany totaled 2.04 trillion euros.</b><br /><br />Mason puts the word <i>final</i> in italics for emphasis, but then goes back to saying it wrong. Would it really have killed him to say it like this:<br /><br /><b>So, for instance, in the year 2000 <i>final</i> spending by households, firms and governments in Germany totaled 2.04 trillion euros.</b><br /><br />"Final spending" is not the same as "all spending".<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-87168048590672657522014-07-05T04:57:41.638-04:002014-07-05T04:57:41.638-04:00At Five Short Blasts, Pete Murphy writes:
Let’s ge...At <a href="http://petemurphy.wordpress.com/2008/07/19/five-short-blasts-theory-explained-part-1/" rel="nofollow">Five Short Blasts</a>, Pete Murphy writes:<br /><b>Let’s get back to measurements of economic growth and begin with a look at economists’ favorite measurement, Gross Domestic Product, or GDP. It’s the measure of all of a nation’s economic activity.</b><br /><br />Economic activity is activity that is measured as dollars of spending. (The economy is transaction, I always say.)<br /><br />Economic activity is spending.<br /><br />GDP is "the measure of all of a nation’s economic activity", Pete Murphy says. In other words: GDP is the measure of all of a nation's <i>spending</i>.<br /><br />No. GDP measures output, not spending.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com