> Advocates of this traditional approach do so because, they say,
they wish to studiously avoid double counting...
"Further, the net method (GNP) greatly exaggerates the role of
consumption in the economy, giving the deceptive impression that
most of the natinal output is in consumption goods rather than
investment. Such thinking encourages economists and govt
officials to for the misleading idea that consumer spending,
being hte largest section of the economy, must be stimulated in
order to get the economy out a slump."
Mark Skousen, The Structure of Production, p. 190
>
> Didn't think a Hayekian had anything but the perniciousness of
> underconsumptionism in mind, did you?
By this logic, if firm A produces a computer and sells it to company B for $1 million, and company B attaches a coffee cup holder and sells it to company C for $1,000,001.50, total output is $2 million plus a buck-fifty.
Moral of the story: any fool can publish a book.
mbs