IN CONTEXT
Economic methods
William Petty (1623–87)
1620 English scientist Francis Bacon argues for a new approach to science based on the collection of facts.
1696 English statistician Gregory King writes his great statistical survey of England’s population.
1930s Australian economist Colin Clark invents the idea of gross national product (GNP).
1934 Russian-US economist Simon Kuznets develops modern national income accounting methods.
1950s British economist Richard Stone introduces balanced, double-entry national accounting.
Today we take it for granted that the economy can be measured, and its expansions and contractions ...
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