Business & Finance: How Big, Really?

How much has the U.S. output in real goods grown since 1929? Last week the Department of Commerce announced the gain: 75%. It was less than half the increase shown by dollar figures, largely because of the drop in the dollar's purchasing power.

To make its computation, the department picked 1939 as a reasonable norm between prosperity and depression, and used that year's purchasing power of the dollar as a base. With this measuring stick, said the department, the gross national product for 1929 was $85.9 billion, instead of the actual dollar figure of $103.8 billion. The gross national product for 1950...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!