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" Business Cycle Dating Committee Announcement July 19, 2021."īureau of Economic Analysis. Recovery, resettling after new strains of coronavirus Strong dollar, low oil prices, Fed raised rates steadily Januart peak, Fed raised rates, July trough government begins funding the State of the USA project, designed to create a “key national indicator system” with hundreds of new data points to add nuance to standard GDP stats.Vietnam War and gold standard ended, November peak. The first report finds that environmental damage, had it been accounted for, would have knocked 3 percent off China’s GDP in 2004.Ģ008: The U.S. September 2006: China creates a new index for “ green GDP” - a measure of national economic output that takes environmental factors into consideration. During the subsequent recovery, something unexpected happens: Although GDP rises between 20, personal incomes fall. Commerce Department declares GDP “one of the great inventions of the 20th century.”Ģ001: The bursting of the tech bubble and the 9/11 attacks send the U.S. economist Mahbub ul Haq convinces future Nobel laureate Amartya Sen to create “an index as vulgar as GDP but more relevant to our own lives,” as Sen remembers it.ĭecember 7, 1999: The U.S. Heston, and Robert Summers compile the first estimates of GDP per capita worldwide, with figures for more than 100 countries.ġ990: The United Nations launches the Human Development Index, which measures such factors as education, gender equality, and health. June 1978: Writing in Britain’s The Economic Journal, Irving B. The theory informs monetary policy: Keep growing the economy, and everything will be just fine.Īlfred Eisenstaedt/Time&Life Pictures/Getty Imagesġ972: Upon being named king of Bhutan, Jigme Singye Wangchuck declares his aim is not to increase GDP, but GNH - “gross national happiness.” Kennedy’s Council of Economic Advisers, coins Okun’s Law, which holds that for every 3-point rise in GDP, unemployment will fall 1 percentage point.
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He cautions that “we must be highly skeptical of the view that long-term changes in the rate of growth of welfare can be gauged even roughly from changes in the rate of growth of output.”ġ962: But GDP evangelists reign. GDP is born.ġ944: Following the Bretton Woods conference that established international financial institutions such as the World Bank and the International Monetary Fund, GDP becomes the standard tool for sizing up a country’s economy.ġ959: Economist Moses Abramovitz becomes one of the first to question whether GDP accurately measures a society’s overall well-being. Congress, “National Income, 1929-35.” His idea is to capture all economic production by individuals, companies, and the government in a single measure, which should rise in good times and fall in bad. But in today’s globalized world, it’s increasingly apparent that this Nobel-winning metric is too narrow for these troubled economic times.ġ937: Simon Kuznets, an economist at the National Bureau of Economic Research, presents the original formulation of gross domestic product in his report to the U.S. Its use spread rapidly, becoming the defining indicator of the last century. Out of the carnage of the Great Depression and World War II rose the idea of gross domestic product, or GDP: the ultimate measure of a country’s overall welfare, a window into an economy’s soul, the statistic to end all statistics. GDP is born.ġ944: Following the Bretton Woods conference that established international financial institutions such as the World Bank and the International Monetary Fund, GDP becomes the standard tool for sizing up a country's economy. Congress, "National Income, 1929-35." His idea is to capture all economic production by individuals, companies, and the government in a single measure, which should rise in good times and fall in bad. But in today's globalized world, it's increasingly apparent that this Nobel-winning metric is too narrow for these troubled economic times.ġ937: Simon Kuznets, an economist at the National Bureau of Economic Research, presents the original formulation of gross domestic product in his report to the U.S. Out of the carnage of the Great Depression and World War II rose the idea of gross domestic product, or GDP: the ultimate measure of a country's overall welfare, a window into an economy's soul, the statistic to end all statistics.