In 1987, Robert Batemarco wrote, ‘this generation, by all indications, is likely to be the first in US history not even to maintain, let alone improve upon, the standard of living enjoyed by their parents.’
He continued: ‘Standard measurements of economic activity conceal much of this development. Gross national product since 1960 has exhibited seldom-interrupted growth even in real per capita terms. Either the perception described in the first paragraph is amiss or standard measurements are faulty. My aim in this article is to examine alternative measurements which accord with these perceptions to a greater extent than do the standard ones. Such an alternative has been developed by Murray Rothbard.’
Read the entire article ‘GNP, PPR, and the Standard of Living’ originally published in the first issue of the Review of Austrian Economics.
