A Simple Tool for Measuring Economic Well-Being

by Joe Carter • April 8, 2016

Is the average American better off today economically than they were 4 years ago? What about 40 years ago? How would you go about answering those questions?

In this video economist Alex Tabarrok explains the difference between nominal and real GDP and shows us a simple tool that can help us determine if our economic well-being as a nation is increasing or decreasing.

Joe Carter

Joe Carter is a Senior Editor at the Acton Institute. Joe also serves as an editor at the The Gospel Coalition, a communications specialist for the Ethics and Religious Liberty Commission of the Southern Baptist Convention, and as an adjunct professor of journalism at Patrick Henry College. He is the editor of the NIV Lifehacks Bible and co-author of How to Argue like Jesus: Learning Persuasion from History's Greatest Communicator (Crossway).

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