The weight of economic output

Loathe though I am to say something positive about Alan Greenspan, I’m rather taken with this way of thinking about economic output:

Mr. Greenspan, one of the nation’s most astute economic observers, has a rare talent for framing economic trends. He writes, for example, that as the value of the nation’s economic output has increased since the 1970s, the weight has not. He means this literally: If everything “Made in the U.S.A.” in 2013 was placed on a giant scale, it would weigh about as much as everything “Made in the U.S.A.” in 1977. It’s hard to imagine a more vivid illustration of what it means to say that the United States has shifted toward a “knowledge economy.”

Categories: Rethinking The World

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