How About a GDP Measure for This Century?

For GDP to stay relevant as the U.S. economy evolves, it needs to be updated.

When the economist Simon Kuznets introduced his new measure of gross domestic product to the U.S. Senate in 1934, the project of national income accounting fit the times: Americans lived in an economy of tangible production and goods you can count. Today, measuring "output" is a lot more difficult.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.