Steve Randy Waldman
@interfluidity.com
from "Trade Balances: It’s the Spending, Stupid" by @steveroth.bsky.social wealtheconomics.substack.com/p/trade-bala...
Text: Here’s the simple understanding to estimate US production from actual measured spending: • Tally up US total spending on new final goods and services. FSDP. • Subtract spending on goods and services that were not produced in the US. Imports. • Add other countries’ spending on goods that were produced in the US. Exports. You’re done.