nov 14, 1929 - As US policymakers grappled with how to contain and end the crisis at home, they lacked the answer to a fundamental question: how bad is the situation, really? And how will we know if our policy answers work? Economic metrics were scarce, and GDP – the measure we use today to value our economy – had not been invented.Enter, Simon Kuznets. An expert in statistics, mathematics and economics, he developed a standard way of measuring the gross national product or GNP of the US. It would give an
Added to timeline:
Date:
nov 14, 1929
Now
~ 95 years ago