Crashes and the rules they brought · 1929–1950s
1934
Measuring the whole economy
Simon Kuznets gives Congress the first estimates of US national income.
In 1934 economist Simon Kuznets presented estimates of US national income to Congress, the basis of what became gross domestic product.
💡 Why it made sense then
In the Depression, lawmakers had no reliable number for how much the economy had shrunk.
Ideas it gave us
- 🌍 GDP (gross domestic product)
GDP is the total market value of all final goods and services produced in a country in a period. It is the main measure of the size of an economy and how fast it's growing.
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