Gross domestic product plays an outsize role in how we think of what the American economy creates. It’s what the U.S. Bureau of Economic Analysis refers to as its “featured measure of production.” ...
In the middle of the eighteenth century, the physician-turned-economist François Quesnay devised a quantitative model of the economy, among the first of its kind and a precursor to present-day GDP.
The U.S. economy shrank in the first quarter, but the underlying data show trends under the hood that should dampen recession fears. “Real GDP slipped in the first quarter, and while a decline during ...
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