Ron Paul recently wrote, “In 1971, Gross Domestic Product (GDP) was $1.29 trillion. Today it is $14.6 trillion, nominally. But adjusted for all the inflating the Fed has been doing, it is only $2.73 trillion, which constitutes only a 1% real increase per year!” http://paul.house.gov/index.php?option=com_content&view=article&id=1783:a-spooked-economy-in-october&catid=31:texas-straight-talk
Is there any data for this GDP growth during the gold standard years? 1790’s to 1900? Thanks.
I’m currently in a strange discussion with Alan Beattie on twitter over his Keynesian views. He recently wrote an article in the Financial Times.