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Does the NYT Really Not Know the Difference Between Nominal and Real GDP?

Does the NYT Really Not Know the Difference Between Nominal and Real GDP?

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Thursday, 09 February 2012 05:28

It seems not, since a graph accompanying an article on Greece's debt negotiations still shows countries like Spain, Greece and Italy with modest growth since the downturn began in 2007. In fact, all three economies have shrunk in when growth is adjusted for inflation. It will be interesting to see how long it takes the NYT to correct this one.

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National debt is paid in nominal $
written by wkj, February 09, 2012 8:24 AM

Isn't nominal GDP a more useful figure than real GDP in determining the burden of a debt payable in nominal currency?

+1

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Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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