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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.

Critics Aren’t Buying Biden’s Pledge That Americans Earning Under $400,000 Won’t Pay a ‘Penny More’ in Taxes
Posted inEconomy

Critics Aren’t Buying Biden’s Pledge That Americans Earning Under $400,000 Won’t Pay a ‘Penny More’ in Taxes

Avatarby USNN2020August 17, 2022December 28, 2024
Inflation Costing Average American Households $717 a Month, GOP Committee Says
Posted inEconomy

Inflation Costing Average American Households $717 a Month, GOP Committee Says

Avatarby USNN2020August 16, 2022December 28, 2024
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Posted inEconomy

World’s Biggest iPhone Maker Warns Smartphone Demand Is Slowing

Avatarby USNN2020August 11, 2022August 11, 2022
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Posted inEconomy

Grocery Inflation Hits Highest Level in 43 Years Despite Biden’s ‘Zero’ Inflation Messaging

Avatarby USNN2020August 11, 2022February 26, 2025
The Jobs Hoax
Posted inEconomy

The Jobs Hoax

Avatarby USNN2020August 9, 2022December 28, 2024
Export-Import Bank Billions Meant for US Small Business Going to China, Russia, Other Corrupt Regimes
Posted inNational News

Export-Import Bank Billions Meant for US Small Business Going to China, Russia, Other Corrupt Regimes

Avatarby USNN2020August 4, 2022November 13, 2022
Trump Warns Something Worse Than Recession Is Coming
Posted inEconomy

Trump Warns Something Worse Than Recession Is Coming

Avatarby USNN2020July 29, 2022January 21, 2025
US Economy Slips Into Technical Recession as Inflation Weighs on Growth
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US Economy Slips Into Technical Recession as Inflation Weighs on Growth

Avatarby USNN2020July 28, 2022February 26, 2025

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