The misunderstood economy

by Eisner, Robert

Everybody talks about the economy; everybody has complaints or recommendations. Few know what they're talking about. So asserts Robert Eisner - one of our nation's most distinguished economists - in this authoritative analysis of the real and imagined ills of the U.S. economy. In clear, accessible language, The Misunderstood Economy confronts an array of myths surrounding economic issues. Eisner begins by challenging many of the standards traditionally used to measure economic well-being. He argues that economic prosperity should not be evaluated by miscounted federal deficits and debt, nor by the level of prices. What counts is the production of goods and services to enjoy now and add to our enjoyment in the future - and the jobs necessary for that production. Eisner posits that the federal government's accounting systems are fundamentally flawed because - violating accepted practice in the private sector and in governments around the world - U.S. federal accounts make no distinction