War and peace type products... cannot be added into a national product total until the differences in the valuation due to differences in the institutional mechanisms that determine their respective market prices are corrected for.

With the rather stable ratio of labor force to total population, a high rate of increase in per capita product means a high rate of increase in product per worker; and, with average hours of work declining, it means still higher growth rates in product per man-hour.

The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP.

I was born in Russia in 1901 of Jewish parents and came to the United States in 1922 to join my father, who left Russia for the United States before World War I.

No one has characterized market mechanisms better than Friedrich von Hayek.

A country's economic growth may be defined as a long-term rise in capacity to supply increasingly diverse economic goods to its population, this growing capacity based on advancing technology and the institutional and ideological adjustments that it demands.