The US economy produced about $21.7 trillion in goods and services in 2019 - but what does GDP really mean?
- Written by Dan Sichel, Professor of Economics, Wellesley College
It's just dollars and cents.mrfiza/Getty ImagesEditor’s note: The Bureau of Economic Analysis reported on Jan. 30 that U.S. Gross Domestic Product climbed to an estimated nominal value of US$21.7 trillion. But what does that really mean? We asked Dan Sichel, an economist at Wellesley College, to explain what goes into that massive number...