Anything is Small…

“Anything is small if you divide it by GDP.”  I’ve been quoting this line for decades, usually to point out exceptions like the gains of deregulating immigration and housing.  But who, if anyone, actually said it?  I recently decided to email Theodore Keeler, the Berkeley economist who (I believe) first shared the aphorism with me.

Hi Ted, I took IO with you about 30 years ago!  I hope all is well with you.

Question: There’s a quote you told us that I’m having trouble placing.  If memory serves,...