Rethinking Economic Metrics: Jason Lewis and Mark Skousen Discuss Gross Output on Jason Lewis Live

In this intellectually stimulating episode of "Jason Lewis Live," host Jason Lewis engages in a profound conversation with economist Mark Skousen, delving into critical issues of economic theory and policy. The focus centers on the inadequacies of GDP as a measure of economic health and the potential reforms needed to accurately reflect a nation's economic activities. Skousen advocates for Gross Output (GO) as a more inclusive metric, arguing that GDP overlooks intermediate business activities, providing a narrow view of economic activity focused solely on final consumer spending. The discussion critiques current fiscal policies and explores the implications of embracing a broader understanding of economic activity, emphasizing the importance of business-to-business transactions. This episode not only offers theoretical insights but also encourages practical policy considerations, urging a shift towards metrics that better capture the dynamism of modern economies.Show more

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