Thursday, May 06, 2010

This just in: A = A

From the comparable Scott Sumner:

"I think the Great Depression was caused by NGDP falling from $106.7 billion in 1929:3 to $49.8 billion in 1933:3. "

In other words, the Great Depression was caused by..... THE GREAT DEPRESSION.

Yikes!

1 comment:

James said...

NGDP ≠ RGDP