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Understanding the Gross Domestic Product and the Gross National Product
Explains what the gross domestic product and gross national product are, discussing their role in the global economy, economic indicators, and the limitations of the GDP.
Gross Domestic Product
What is Gross Domestic Product The term "gross domestic product" (GDP) refers to a monetary measurement that is used to determine the market worth of all of the final products and services that are produced by a country or countries within a certain time period. When attempting to evaluate the state of the economy of a particular nation, the government of that nation most frequently use the Gross Domestic Product (GDP). The fact that this measurement is both subjective and complicated means that it is frequently susceptible to revision before it can be regarded a trustworthy indication. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Gross domestic p...
GROSS DOMESTIC PRODUCT
The term "Gross Domestic Product" refers to the total monetary value of all final goods and services produced (and sold on the market) within a country over a given time period (typically 1 year). The gross domestic product (GDP) is the most widely used indicator of economic activity. At the end of the 18th century, the first basic concept of GDP was developed. The modern concept was developed by American economist Simon Kuznets in 1934 and adopted as the primary indicator of a country's economy at the 1944 Bretton Woods Conference. What does the term "Gross" mean? The term "gross" (as in "Gross Domestic Product") denotes that goods are counted regardless of how they are used. A product can ...
GDP
How GDP came to rule our lives—and why it needs to change Why did the size of the U.S. economy increase by 3 percent on one day in mid-2013—or Ghana's balloon by 60 percent overnight in 2010? Why did the U.K. financial industry show its fastest expansion ever at the end of 2008—just as the world’s financial system went into meltdown? And why was Greece’s chief statistician charged with treason in 2013 for apparently doing nothing more than trying to accurately report the size of his country’s economy? The answers to all these questions lie in the way we define and measure national economies around the world: Gross Domestic Product. This entertaining and informative book tells the...
Gross National Income
What is Gross National Income The total domestic and foreign output claimed by residents of a country is referred to as the gross national income (GNI), which was formerly known as the gross national product (GNP). The GNI is comprised of the gross domestic product (GDP), plus factor incomes earned by foreign residents, and minus income earned in the domestic economy by nonresidents. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Gross national income Chapter 2: Economy of Armenia Chapter 3: Gross domestic product Chapter 4: Economy of Slovakia Chapter 5: Economy of Switzerland Chapter 6: Measures of national income and output Chapter 7: Gross world...
Stakeholder Capitalism
Reimagining our global economy so it becomes more sustainable and prosperous for all Our global economic system is broken. But we can replace the current picture of global upheaval, unsustainability, and uncertainty with one of an economy that works for all people, and the planet. First, we must eliminate rising income inequality within societies where productivity and wage growth has slowed. Second, we must reduce the dampening effect of monopoly market power wielded by large corporations on innovation and productivity gains. And finally, the short-sighted exploitation of natural resources that is corroding the environment and affecting the lives of many for the worse must end. The debate o...
Mismeasuring Our Lives
In February of 2008, amid the looming global financial crisis, President Nicolas Sarkozy of France asked Nobel Prize–;winning economists Joseph Stiglitz and Amartya Sen, along with the distinguished French economist Jean Paul Fitoussi, to establish a commission of leading economists to study whether Gross Domestic Product (GDP)—the most widely used measure of economic activity—is a reliable indicator of economic and social progress. The Commission was given the further task of laying out an agenda for developing better measures. Mismeasuring Our Lives is the result of this major intellectual effort, one with pressing relevance for anyone engaged in assessing how and whether our economy...
Gross Domestic Problem
Gross domestic product is arguably the best-known statistic in the contemporary world, and certainly amongst the most powerful. It drives government policy and sets priorities in a variety of vital social fields - from schooling to healthcare. Yet for perhaps the first time since it was invented in the 1930s, this popular icon of economic growth has come to be regarded by a wide range of people as a 'problem'. After all, does our quality of life really improve when our economy grows 2 or 3 per cent? Can we continue to sacrifice the environment to safeguard a vision of the world based on the illusion of infinite economic growth? Lorenzo Fioramonti takes apart the 'content' of GDP - what it measures, what it doesn't and why - and reveals the powerful political interests that have allowed it to dominate today's economies. In doing so, he demonstrates just how little relevance GDP has to moral principles such as equity, social justice and redistribution, and shows that an alternative is possible, as evinced by the 'de-growth' movement and initiatives such as transition towns. A startling insight into the politics of a number that has come to dominate our everyday lives.
Gross Domestic Product (GDP).
Gross Domestic Product (GDP) is the standard measure of the value of final goods and services produced by a country during a period minus the value of imports. While GDP is the single most important indicator to capture these economic activities, it is not a good measure of societies' well-being and only a limited measure of people's material living standards.
