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.
Source link: http://blog.mises.org/2287/reisman-on-the-value-of-consumption/
Reisman on the value of consumption
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For those of you at institutions which have access to Blackwell-Synergy (like Washington University) can view and print the full article in text or PDF.
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