Re: [A-List] New Economy Bull, an expose

[Mark Jones <markjones011@xxxxxxxxxxxxx>]

AI love this stuff, but want to understand the following, and don't:

> The fact is, GDP can give us only a very partial insight
> into the mechanisms at work. Consider the BEA's Input-
> Output data. For 1998, when these were last compiled,
> GDP stood at $8.8 trillion, and personal consumption was
> $5.9 trillion.
>
> Manufacturing seemed to be fairly inconsequential at
> $1.5 trillion in the GDP numbers and made a smaller
> contribution than either finance ($1.7 trillion) or
> services ($2.1 trillion).
>
> If you look at what was actually being made and sweated
> over within the economy...what provided the jobs, on the
> one hand, and the opportunity of profits, on the
> other...then the picture is quite different from the
> less than perfect one you hear blathered by "experts" on
> CNBC.
>
> In fact, the total gross output of the economy now comes
> to $15.4 trillion in turnover. And manufacturing - at
> $3.9 trillion - suddenly swells to being the largest
> constituent of them all. 55% greater than finance, and
> 10% larger even than the much-vaunted service sector.

Is there some distinction  between 'GDP' and 'total gross output' which
allows the latter to be almost double the former, in the same US economy?
What don't I get here?

Mark