"The only way in which a human being can make some approach to knowing the whole of a subject is by hearing what can be said about it by persons of every variety of opinion and studying all modes in which it can be looked at by every character of mind. No wise man ever acquired his wisdom in any mode but this." -John Stuart Mill

Sunday, January 31, 2010

GDP and Bowling Analogies

The Wall Street Journal reports that the U.S. economy grew at an annualized rate of 5.7% in the fourth quarter of 2009, and provides an excellent interactive graphic that tells the story of Adam, a (horribly inefficient) bowling pin manufacturer, as a way of explaining the effect of inventory drawdowns on the measurement of GDP.

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