As I recall Kuznets was of the opinion that the boundary between net output and
intermediate consumption was often difficult to draw in a non-arbitrary,
consistent way. He regarded this as one of the main conceptual problems for the
accuracy of net output measures.
I don't really know what Hayek has to do with it. Hayek disputed the validity
of macro-economic measures as such, since they referred to valuations based on
a relationship between observed actual prices and unobservable idealisations of
prices. Effectively, concepts were being measured for which there existed no
true correlate in the real world. Hence macro price measures were imaginary
measures. Similar ideas occur among other Austrian economists.
I'm not a "libertarian" in the American sense, though I take a firm stand
against the New Marxist Exploiting Class.
J.
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