Careless Headline Writing

I have noticed over the years that headline writers often try to make stories more sensational than they really are. This one at Yahoo News and Time, however, got me chuckling. The story tells us:
The gap between the super-rich and the poorest half of the global population is starker than previously thought, with just eight men, including Bill Gates and Michael Bloomberg, owning as much wealth as 3.6 billion people.
That fact is not really surprising, as many people live hand-to-mouth with hardly any accumulated wealth at all. But the headline makes a stronger claim:
Half of the World’s Wealth Is In the Hands of Just Eight Men
Of course, this conclusion does not follow from the fact reported in the story and is not even close to being true.

Me at the ASSA

If you want to see me at the upcoming ASSA meeting in Chicago, here is some relevant information.

I will be chairing a session on “Economic Issues Facing the New President,” with talks from Jason Furman (Council of Economic Advisers), Glenn Hubbard (Columbia University), Alan Krueger (Princeton University), and John Taylor (Stanford University). The session is on Saturday, January 7, starting at 10:15 am in the Hyatt Regency Chicago, Grand Ballroom AB.
I will also be introducing the new edition (the 8th) of my Principles text, which has just published. You can meet me at the Cengage booth from 3 to 4 pm on Friday, 2 to 2:30 pm on Saturday, and 9 to 9:30 am on Sunday. Feel free to stop by and say hello.

Why Y?

A professor emails me:
My students have the pleasure to use your economics textbook. I have one question: where the symbol "Y" for GDP comes from? All the others, we could detect, such as NX , NCO, etc. My students are curious, and I could not give them a good answer.
My unsatisfying response:
To be honest, I don't know. It is an old convention to use Y to denote real GDP, and I am just following that. But I don't know where or why the convention began.
If anyone knows the history and reason for this notation, please email me.
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