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Crunch by Jared Bernstein

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2 Don’t Know Much About GDP

As a guy who never paid enough attention to professional sports—I love watching skilled athletes, but there are too many commercials and time-outs—to this day I get anxious and uncomfortable when people start talking about sports. For one, I don’t know enough of the vernacular. (For example, pre-Google, I didn’t know what a “triple-double” was in basketball. When I finally asked a friend, he was so convinced I was kidding that he wouldn’t tell me.)1

A lot of people feel that way about economic terms of art, so this section presents the skinny on some of the biggies. Be forewarned: These are not Google or Wikipedia definitions. Along with the basics, I try to impart a sense of what these statistics reveal about how ...

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