Steve Forbes Endorses My Gross Output Statistic

“Mark Skousen’s Gross Output statistic…will have a profound and manifestly positive impact on economic policy and politics.”  — Steve Forbes, Forbes magazine, April 14, 2014

The Bureau of Economic Analysis will start releasing Gross Output (GO) along with GDP every quarter starting on Friday, April 25.  I consider it a triumph in supply side “Austrian” economics.

I think Steve Forbes captures the importance of this new national statistic in his column in the April 14 edition of Forbes.

Most of the textbook writers are going to include GO in their next edition.  Sean Flynn, now the primary writer of the McConnell/Bruce textbook, is going to highlight it.

Here’s Steve’s commentary — New, Revolutionary Way To Measure The Economy Is Coming — Believe Me, This Is A Big Deal: by Steve Forbes  http://www.forbes.com/sites/steveforbes/2014/03/26/this-may-save-the-economoy-from-keynesians-and-spend-happy-pols/

Here’s my original article in Forbes — Beyond GDP Get Ready for a New Way to Measure the Economy: by Mark Skousen  http://www.forbes.com/sites/realspin/2013/11/29/beyond-gdp-get-ready-for-a-new-way-to-measure-the-economy/

Here’s my op ed in the Wednesday, April 23 edition of the Wall Street JournalAt Last, A Better Economic Measure: by Mark Skousen http://online.wsj.com/article/SB10001424052702303532704579483870616640230.html

 

Comments

  1. jack smiley says

    read the WSJ article on Gross output; went to the BEA site and could not find any reference in the last release to gross output overall; saw terms related to gross output by industry;

    are you going to post the overall number on your web site? will the BEA?

    find this very interesting, but difficult to find,

    thanks

    • Mark SkousenMark Skousen says

      Although BEA chose to start releasing GO quarterly with GDP (a victory), at the same time, they refused to highlight Gross Output in their reporting, across the economy. You had to dig it out: http://www.bea.gov/newsreleases/industry/gdpindustry/gdpindnewsrelease.htm

      And this statement says it all in terms of their attitude: “While gross output is a useful measure of individual industry’s output, gross output for the economy as a whole double-counts sales between industries and is not a good measure of aggregate business cycles or economic growth.”

      So I still have an uphill battle. Fortunately, many are coming to my aid. Barron’s, Forbes, Wall Street Journal and others have done big stories.

      Onward, AEIOU,
      MAS

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