Reisman on the value of consumption

07/27/2004 Mises Wire Mises.org

George Reisman’s article in the new American Journal of Economics and Sociology (July 2004, vol. 63, no. 3) challenges the mainstream assumption concerning the use of consumption in national-income accounting: “The Value of `Final Products’ Counts Only Itself.” More here, or view entire article. Also see Jerry Kirkpatrick’s piece on net consumption.

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