Saturday, November 21, 2009

The Fed Does NOT Stabilize The Economy

You may well wonder where he got that idea, since there are no official estimates of gross domestic product (GDP) for years before 1929. In the early 1960s, however, John Kendrick and Simon Kuznets bravely attempted to construct such estimates for gross national product (GNP). That would be close enough to modern GDP data were it not for the primitive statistics and technology they had to work with.
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http://www.cato-at-liberty.org/2009/09/09/no-the-fed-did-not-stabilize-the-economy/

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