Plain Sense Economics

This may cause us to scratch our heads about the presence of a recession, but Casey Mulligan’s post in the New York Times Economix has some interesting points about gross domestic product. It is simple enough to be worth reading by principles of economics students.

The opening paragraph:

When measured in terms of financial gyrations and national employment, 2008 was an absolutely terrible year. When measured in terms of production, the United States economy in 2008 was the best in its history.