Gross domestic product - Revision history

RobSmith at 14:47, May 28, 2022

2022-05-28T14:47:35Z

RobSmith at 21:51, May 27, 2022

2022-05-27T21:51:14Z

RobSmith at 21:49, May 27, 2022

2022-05-27T21:49:55Z

RobSmith at 21:48, May 27, 2022

2022-05-27T21:48:35Z

RobSmith at 21:41, May 27, 2022

2022-05-27T21:41:50Z

RobSmith at 21:41, May 27, 2022

2022-05-27T21:41:25Z

RobSmith at 21:37, May 27, 2022

2022-05-27T21:37:31Z

RobSmith at 21:35, May 27, 2022

2022-05-27T21:35:29Z

TokyoTom: added cross-link to Econometrics

2019-06-05T06:41:06Z

added cross-link to Econometrics

RobSmith: /* See also */

2019-02-27T18:39:06Z

‎See also

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-[[File:GDP in the Summer of Recovery.JPG|225px|right|thumb|GDP negative growth during [[Obama]]'s [[socialist]] '[[Recovery Summer]],' 2010. ]]
 The annual '''Gross Domestic Product''' ('''GDP''') is the total dollar value of the production of goods and services (economic output) within a physically defined area.<ref>{{cite web|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm|language=English|title=Glossary of Economic Terms|work=International Information Programs (USINFO - The United States Department of State)|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.|accessdate=2007-08-21}}</ref>  It is "gross" in the sense that it does not deduct [[depreciation]] of operating [[capital]] produced in previous years, in contrast to Net Domestic Product.
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 Here '''C''' represents personal consumption expenditures by households, '''I''' represents investment in new capital, '''G''' represents government purchases, '''X''' represents exports, and '''M''' represent imports.
+[[File:GDP in the Summer of Recovery.JPG|225px|left|thumb|GDP negative growth during [[Obama]]'s [[socialist]] '[[Recovery Summer]],' 2010. ]]
 The income approach makes use of the fact that expenditures on GDP ultimately become income. [[National income]] can thus be modified slightly to arrive at GDP. To begin with, [[depreciation]] must be added to national income. Depreciation expenses are subtracted from corporate profits before the NI calculation, so they must be re-added to capture the value of output needed to replace or repair worn out buildings and machinery. Since indirect taxes (sales taxes, customs duties, license fees, and so on) are part of the expenditure on good and services (GDP) but they do not become income for suppliers of productive resources (NI), you have to add them back in. On the other hand, subsidy payments made by the government to farmers (for example) are part of the farmers' income but are not made in exchange for goods and services, so they are not part of GDP. Thus, they must be subtracted from NI to find GDP.

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 The annual '''Gross Domestic Product''' ('''GDP''') is the total dollar value of the production of goods and services (economic output) within a physically defined area.<ref>{{cite web|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm|language=English|title=Glossary of Economic Terms|work=International Information Programs (USINFO - The United States Department of State)|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.|accessdate=2007-08-21}}</ref>  It is "gross" in the sense that it does not deduct [[depreciation]] of operating [[capital]] produced in previous years, in contrast to Net Domestic Product.
-The [[Russia Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula used for decades to measure the relative size and strength of a nation's economy.  The formula overvalues service industries, and undervalues mineral resources and manufacturing industries.  Additionally, comparisons between nations are based on currency exchange rates, which currencies themselves are potentially subject to unscrupulous manipulation by the governments issuing currency.<ref>https://www.tabletmag.com/sections/news/articles/is-america-the-real-victim-of-anti-russia-sanctions</ref>
+The [[Russia Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula used for decades to measure the relative size and strength of a nation's economy.  The formula overvalues service industries, and undervalues mineral resources and manufacturing industries.  Additionally, comparisons between nations are based on currency exchange rates,<ref>https://www.tabletmag.com/sections/news/articles/is-america-the-real-victim-of-anti-russia-sanctions</ref> which currencies themselves are potentially subject to unscrupulous manipulation by the governments issuing currency.
 == Calculating GDP ==

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 The annual '''Gross Domestic Product''' ('''GDP''') is the total dollar value of the production of goods and services (economic output) within a physically defined area.<ref>{{cite web|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm|language=English|title=Glossary of Economic Terms|work=International Information Programs (USINFO - The United States Department of State)|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.|accessdate=2007-08-21}}</ref>  It is "gross" in the sense that it does not deduct [[depreciation]] of operating [[capital]] produced in previous years, in contrast to Net Domestic Product.
-The [[Russia Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula used for decades to measure the relative size and strength of nation's economy.  The formula overvalues service industries, and undervalues mineral resources and manufacturing industries.  Additionally, comparisons between nations are based on currency exchange rates, which currencies themselves are potentially subject to unscrupulous manipulation by the governments issuing currency.<ref>https://www.tabletmag.com/sections/news/articles/is-america-the-real-victim-of-anti-russia-sanctions</ref>
+The [[Russia Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula used for decades to measure the relative size and strength of a nation's economy.  The formula overvalues service industries, and undervalues mineral resources and manufacturing industries.  Additionally, comparisons between nations are based on currency exchange rates, which currencies themselves are potentially subject to unscrupulous manipulation by the governments issuing currency.<ref>https://www.tabletmag.com/sections/news/articles/is-america-the-real-victim-of-anti-russia-sanctions</ref>
 == Calculating GDP ==

@@ Line 3: / Line 3: @@
 The annual '''Gross Domestic Product''' ('''GDP''') is the total dollar value of the production of goods and services (economic output) within a physically defined area.<ref>{{cite web|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm|language=English|title=Glossary of Economic Terms|work=International Information Programs (USINFO - The United States Department of State)|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.|accessdate=2007-08-21}}</ref>  It is "gross" in the sense that it does not deduct [[depreciation]] of operating [[capital]] produced in previous years, in contrast to Net Domestic Product.
-The [[Russia Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula used for decades to measure the relative size and strength of nation's economy.  The formula overvalues service industries, and undervalues mineral resources and manufacturing industries.  Additionally, comparisons between nations are based on currency exchange rates.<ref>https://www.tabletmag.com/sections/news/articles/is-america-the-real-victim-of-anti-russia-sanctions</ref>
+The [[Russia Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula used for decades to measure the relative size and strength of nation's economy.  The formula overvalues service industries, and undervalues mineral resources and manufacturing industries.  Additionally, comparisons between nations are based on currency exchange rates, which currencies themselves are potentially subject to unscrupulous manipulation by the governments issuing currency.<ref>https://www.tabletmag.com/sections/news/articles/is-america-the-real-victim-of-anti-russia-sanctions</ref>
 == Calculating GDP ==

@@ Line 3: / Line 3: @@
 The annual '''Gross Domestic Product''' ('''GDP''') is the total dollar value of the production of goods and services (economic output) within a physically defined area.<ref>{{cite web|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm|language=English|title=Glossary of Economic Terms|work=International Information Programs (USINFO - The United States Department of State)|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.|accessdate=2007-08-21}}</ref>  It is "gross" in the sense that it does not deduct [[depreciation]] of operating [[capital]] produced in previous years, in contrast to Net Domestic Product.
-The [[Russia Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula used for decades to measure the relative size and strength of nation's economy.  The formula overvalues service industries, and undervalues mineral resources and manufacturing industries.  Additionally, comparisons between nations are based on currency exchange rates.<ref>https://www.tabletmag.com/sections/news/articles/is-america-the-real-victim-of-anti-russia-sanctions</reef>
+The [[Russia Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula used for decades to measure the relative size and strength of nation's economy.  The formula overvalues service industries, and undervalues mineral resources and manufacturing industries.  Additionally, comparisons between nations are based on currency exchange rates.<ref>https://www.tabletmag.com/sections/news/articles/is-america-the-real-victim-of-anti-russia-sanctions</ref>
 == Calculating GDP ==

← Older revision		Revision as of 21:35, May 27, 2022
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	The annual '''Gross Domestic Product''' ('''GDP''') is the total dollar value of the production of goods and services (economic output) within a physically defined area.<ref>{{cite web\|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm\|language=English\|title=Glossary of Economic Terms\|work=International Information Programs (USINFO - The United States Department of State)\|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.\|accessdate=2007-08-21}}</ref> It is "gross" in the sense that it does not deduct [[depreciation]] of operating [[capital]] produced in previous years, in contrast to Net Domestic Product.		The annual '''Gross Domestic Product''' ('''GDP''') is the total dollar value of the production of goods and services (economic output) within a physically defined area.<ref>{{cite web\|url=http://usinfo.state.gov/products/pubs/oecon/chap12.htm\|language=English\|title=Glossary of Economic Terms\|work=International Information Programs (USINFO - The United States Department of State)\|quote=The total value of a nation's output, income, or expenditure produced within its physical boundaries.\|accessdate=2007-08-21}}</ref> It is "gross" in the sense that it does not deduct [[depreciation]] of operating [[capital]] produced in previous years, in contrast to Net Domestic Product.
		+
		+	The [[Russian Sanctions Act]], and particularly sanctions passed at the outset of the [[Russo-Ukraine war]], proved the imperfections, if not outright flaws, in the commonly accepted formula for measuring the relative size and strength of nation's economy. The formula overvalues service industries, and undervalues mineral resources and manufacturing industries. Additionally, comparisons between nations are based on currency exchange rates.

	== Calculating GDP ==		== Calculating GDP ==

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 *[[GDP of the United States]]
 *[[World GDP]]
 ==References==