Volume 50, Number 11 · July 3, 2003
Mysteries of Growth
By Robert M. Solow
Why Economies Grow: The Forces That Shape Prosperity and How We Can Get Them Working Again
by Jeff Madrick
Century Foundation/Basic Books, 242 pp., $26.00
The standard measure of a national economy's overall performance is its real gross domestic product (GDP). This is just the sum of all the goods and services produced during the year (except those used up in further production), valued at going market prices and then corrected for price inflation. The graph on this page shows yearly real GDP per person in the population of the United States from 1948 to 2000.
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