In the spring of 2010, a large oil spill threatened the coasts of Louisiana and surrounding areas.

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In the spring of 2010, a large oil spill threatened the coasts of Louisiana and surrounding areas. The oil company in charge, BP, and various environmental agencies spent millions of dollars on the cleanup.
a. What happened to the usual measure of real GDP per capita in the area for this period?
b. What does this episode suggest about relying on real GDP per capita as a measure of the standard of living?
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Macroeconomics

ISBN: 9780132109994

1st Edition

Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty

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