A little over a quarter of a century - OK, a reasonable amount over - ago, when I first started studying economics, we were taught that one of the ways of measuring GDP is by the formula Y = C + I + G + (X - M).
Putting this into words, national income (Y) is the sum of consumption (C), investment (I), government spending (G) and the net effect of exports (X) minus imports (M). I still find that this framework...
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