Gross Domestic Product (GDP) was invented by economist Simon Kuznets in 1934 — he immediately warned it shouldn't be used as a welfare measure.
Fact #8043
👍 0 · 👎 0
More History Facts
The Ice Age ended about 11,700 years ago.
Fact #698 · History
The modern Olympic Games began in 1896 in Athens, Greece.
Fact #921 · History
The Great Depression began in 1929.
Fact #615 · History
The Ottoman Empire lasted for more than six centuries.
Fact #590 · History
The Dust Bowl of the 1930s caused severe agricultural damage in the United States.
Fact #816 · History
The 2010 Eyjafjallajökull eruption disrupted European air travel.
Fact #846 · History
Ancient Egyptians built pyramids as monumental tombs for pharaohs.
Fact #18 · History
The Trojan War is part of ancient Greek legend.
Fact #602 · History
Want more facts?
We have over 11,491 facts across 15 categories.