The Austrian Indicator: What Is It Predicting Now?

I presented two papers on Austrian economics at the annual Association of Private Enterprise Education (APEE) last week.

One was called ???Squaring the Mises Circle: How to Integrate Austrian Economics in the Classroom and Mainstream Textbooks.??? The other was entitled, ???Measuring Hayek???s Triangle: Gross Output as the Top Line in National Income Accounting and a Leading Indicator.???

In both presentations, I talked about gross output (GO) as an important breakthrough in accurately measuring the economy. It demonstrates that business is the key catalyst in determining the direction of the economy and our standard of living.

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