Last week when the new GDP numbers came out there was the usual flurry on TV news channels. All sorts of people held forth on the growth rate of the economy. But very few of them knew what they were talking about.
That is understandable because the measurement of the rate of growth of the gross domestic product – which by the way is what GDP stands for – is not just a technical affair, it is also an approximation: 6.3, 5.7, 8.4 or whatever percent growth merely means that the output of everything added together grew at a rate
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