Measuring Output, Income and Prices
Measures of an Economy's Income
This article defines various measures of an economy's output and income.
The Broken Window Fallacy
This article explains the parable of the broken window as told by Frederic Bastiat and discusses the impact of the reasoning on how to think about production versus economic value or wealth.
Nominal Versus Real Quantities
This article explains the difference between nominal and real quantities and defines the appropriate context for each.