Station. Things are left out of gdp and that has been true. We are leaving out the value of wikipedia. All the things smart phones do. Dont forget we pay quite a bit for these phones. My cellphone bill is 120 a month so it isnt free. I remember how exciting you were when you got your first. The removal of manure from the streets, what a boom . The elimination of infectious disease. Leisure is let out of gdp but when did he get the change in leisure . Not in the current age. Working hours at the turn of it last sensory and they wanted to keep the steel mills going and 24 divided by two was 12 and the workers were 12 hours a day six days a week. The big decline in average hours of work occurred between 19001940 a reduction from 60 to 40 hours a week. We still do not duplicate western europe in vacation. We have two weeks and they have five. Think about Life Expectancy. My office mate in graduate school has done a number of stunning papers in life and one of the most important was the health of nations in which he measured the value in terms of consumer grip in Life Expectancy for health. The rate of improvement of Life Expectancy was twice as fast in the first half of the 21st century as in the last half because getting rid of diseases was more important than extending peoples lives and the wuvenl wonderful things that happ happened since then. Gdp leaves out a lot and you probably agree with that. Of course, i agree with that. There is something missing i would like to point out. We look at the growth of output and when we subtract off the index of the growth of input it was left over. It was important to understand that if you are leaving out inputs that are used up but somehow dont appear in the calculation, then your total statistics are obviously over stated. There may be something important about bringing output growth to be fully accounted for. Bob mentioned what i call bite back. I want to point out that the First Industrial revolution he talked about and to a large extent it was based on the use of fossil fuel. We started off with coal and then later, 19th century, we moved into oil and Natural Goods and we calculated the cost of these inputs with the total amount of labor and capital and you calculate it. They couldnt do this and there were other inputs being used up. This impact was made on air quality and eventually on the careful eco logical balance of the planet. As we go back and calculate the possible cost of global warming, we take it out and maybe the total calculations dont look nearly as they did in this bar graph. That would be true for almost anything. Antibiotics, a great invention, people live longer. Fantastic. What wasnt realized at the time was antibiotics have a built in bite mechanisms making the attempt to become ineffective and we have to run faster and faster to stay in place. These productivity calculations look dicy. A lot of growth in the next 50 years is to some extent to play the cost of previous generations didnt play in part because there were no Good Property rights and in part because they were not aware of it. That is one thing that make me worry about the productivity comparisons. The other thing is that takes me back to bobs point about leisure. We can measure the amount of people and on the eve of world war one 1900, 1910, the average work in the western world 1120 and we were at 1750. People work less, they start late, end earlier, have many golden years after they retire except if you are in academics and you keep going on forever but that is a different story. So what we havent, i think, fully accounted for is the change in quality of leisure. The choices that people have. Not just looking at, you know, 250 cable channels but the hundreds of other things people can do today. In the past, leisure was fairly dull. People played cards. If you wanted to go to a show in the United States in the 19th century you would go to an eye gouging concert. Today the choices people have in terms of what they want to watch . I can push any button on this cellphone that bob thinks is such a mundane invention nauchlt only can i make phone calls and communicate i can play any moza mozart qortet i want. Leisure is not something it used to be. One of the interesting papers tat came out in the last few months is my eric hurst and other people at us chicago who pointed out Labor Force Participation decline is happening because people who should begin the labor force are staying home and playing video games. Is this the good news . Or the bad news . Wait a minute. I can tell you this no, no, i know eric hurst, i know the paper. The question is which way is the caution of action . I was going to come to that. You have been talking long enough. You can watch this and other programs online at booktv. Org. In 1989, cspan was created as a Public Service by your Cable Companies and is brought to you today by your Cable Service providers. Next up on booktv, roger stone talks about the president ial election and President Trump in his new book the making of the president 2016. He is examined by the chief congressional white house cor