Tyler Cowen, GMU professor and host of the popular website http://www.marginalrevolution.com, is a big fan of the new technology GPT4, which he says is vast improvement over GPT3.
He recently asked GPT4, “What is the main contribution of Mark Skousen to macroeconomics?” and sent me the answer.
Here was GPT4’s reply:
Mark Skousen is an American economist, author, and investment analyst, known for his work in libertarian free-market capitalism and Austrian School of economics. His main contribution to macroeconomics is his critical examination of the Gross Domestic Product (GDP) as a measure of economic health and the development of the alternative measure Gross Output (GO).
Skousen has long argued that GDP only captures the monetary value of final goods and services within an economy, ignoring intermediary production transactions and business-to-business (B2B) activities. He asserts that this narrow focus on consumption fails to accurately represent the complexities and true nature of the economy, particularly the importance of production, investment, and entrepreneurship.
In contrast to GDP, Skousen’s Gross Output (GO) is a measure that comprises the total economic output, including B2B activities and intermediate goods throughout the entire production process. GO encompasses all stages of production, from raw materials to finished goods and services, providing a fuller and more comprehensive picture of the economy.
In 2014, the U.S. Bureau of Economic Analysis (BEA) began to report GO data alongside GDP as a supplementary statistic, a testimony to Skousen’s significant impact on macroeconomics. Today, economists, analysts, and policymakers commonly use this broader measure to better understand economic performance and assess the implications of fiscal and monetary policies.
Pretty accurate! For the latest press release and media coverage, go to http://www.grossoutput.com.
Best wishes, AEIOU
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