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Strong numbers and weak perceptions: understanding the "Rodney Dangerfield economy".

Social Education

| March 01, 2006 | Wood, William C. | COPYRIGHT 2006 National Council for the Social Studies. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Ordinary citizens, politicians, and economists alike regularly ask the question, "How is the economy doing?" With a highly polarized electorate and media to match, it has become harder to get an honest answer. Social educators should understand the complexity of the question--and the subtlety of the answers--as they approach the topic themselves.

The economy is doing quite well by most measures. The Gross Domestic Product (GDP), our best overall indicator of economic activity, has been growing smartly since its last downturn in 2001.

GDP measures the market value of all final goods and services produced in a year's time. According to a widely quoted ...

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