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Tag: Gross Domestic Product (GDP)

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period by countries. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living.

GDP definitions are maintained by a number of national and international economic organizations. The Organization for Economic Co-operation and Development (OECD) defines GDP as “an aggregate measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production and services (plus any taxes, and minus any subsidies, on products not included in the value of their outputs)”. An IMF publication states that, “GDP measures the monetary value of final goods and services—that are bought by the final user—produced in a country in a given period of time (say a quarter or a year).”

GDP is often used as a metric for international comparisons as well as a broad measure of economic progress. It is often considered to be the “world’s most powerful statistical indicator of national development and progress”. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities, such as resource extraction, environmental impact and unpaid domestic work. Critics frequently propose alternative economic models such as doughnut economics which use other measures of success or alternative indicators such as the OECD’s Better Life Index as better approaches to measuring the effect of the economy on human development and well being.

McCarthy Says Biden Might Have a ‘Secret Plan’ on Debt Ceiling
Posted inNational News

McCarthy Says Biden Might Have a ‘Secret Plan’ on Debt Ceiling

Avatarby USNN2020May 16, 2023February 27, 2025
Default Can Be Avoided in July If Treasury Can Weather June Cash Crunch: CBO
Posted inFinance

Default Can Be Avoided in July If Treasury Can Weather June Cash Crunch: CBO

Avatarby USNN2020May 12, 2023March 14, 2025
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Posted inNational News

Public Confidence in Fed Chair Jerome Powell Is at Record Low

Avatarby USNN2020May 9, 2023October 11, 2025
Tech Companies Announce Mass Layoffs Amid Economic Woes
Posted inBusiness

Tech Companies Announce Mass Layoffs Amid Economic Woes

Avatarby USNN2020May 8, 2023February 21, 2025
US Economy Adds 253,000 New Jobs in April, Unemployment Rate Ticks Lower
Posted inEconomy

US Economy Adds 253,000 New Jobs in April, Unemployment Rate Ticks Lower

Avatarby USNN2020May 5, 2023May 1, 2024
California, New York, Illinois Biggest Losers Amid Exodus to Low-Tax States
Posted inNational News

California, New York, Illinois Biggest Losers Amid Exodus to Low-Tax States: IRS

Avatarby USNN2020May 1, 2023February 21, 2025
US Economic Growth Slows Sharply in First Quarter As Interest Rates Rise
Posted inEconomy

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Avatarby USNN2020April 27, 2023December 5, 2024
IN-DEPTH: US Debt Default Fears Spark Rising Unease Among Investors
Posted inEconomy

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Retirement Plans Derailed: Quarter of Americans Slash Savings Due to Inflation, Study Shows
Posted inEconomy

Retirement Plans Derailed: Quarter of Americans Slash Savings Due to Inflation, Study Shows

Avatarby USNN2020April 25, 2023October 20, 2024
Stagflation Is a ‘Real Risk’ Facing American Economy Now: Former Treasury Secretary
Posted inEconomy

Stagflation Is a ‘Real Risk’ Facing American Economy Now: Former Treasury Secretary

Avatarby USNN2020April 21, 2023February 27, 2025
US Unemployment Claims Tick Up to 245,000, but Still Low
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NATIONAL NEWS

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