By Steve Forbes – There’s one big story this year that won’t garner headlines but will have a profound impact on our future: The edifice of post-Great Depression economics is coming under an ultimately mortal intellectual assault. And a good thing, too. The entire way we measure the economy is fundamentally flawed.
Countless other absurdities abound in the way we are taught economics. Take, for instance, the Keynesian notion of “aggregate demand,” the idea that we can measure the total demands of consumers the way we can the number of gallons of gas in an automobile. It’s one thing to count how many iPads or PCs we buy but quite another to think that a single number can truly sum up how an economy does as a whole. more> http://tinyurl.com/2bmgpkv