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Printable Handouts
Navigable Slide Index
- Introduction
- Previously…
- Growth in what?
- Wealth and income
- GDP, GNP and GNI
- NDP, NNP and NNI
- GDP rankings
- GDP per capita rankings
- Measurement approaches
- Expenditure approach
- Income approach
- Calculation of nominal GDP in a 2-good economy
- Calculation of real GDP
- Price indexes
- Price index calculation
- United States GDP deflators for sSelect years
- Conversion from nominal to real GDP (1)
- Conversion from nominal to real GDP (2)
This material is restricted to subscribers.
Topics Covered
- Wealth and income
- GDP, GNP and GNI
- NDP, NNP and NNI
- Measurement approaches
Talk Citation
Torras, M. (2024, May 30). Measuring economic progress: income accounting [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved December 7, 2024, from https://doi.org/10.69645/PUYO2312.Export Citation (RIS)
Publication History
Other Talks in the Series: Introduction to Macroeconomics
Transcript
Please wait while the transcript is being prepared...
0:00
Hi. My name is Mariano Torras.
I'm a professor of economics at
Adelphi University in New York.
We're going to be
doing a lecture series
on macroeconomics.
In the last lecture,
0:14
we briefly mentioned the notion
of economic growth which
has historically been understood
to represent progress over time,
but now it's time to
be more specific.
What exactly do we
want to be growing?
0:32
Economists track the growth over
time in overall economic output,
meaning the total output
of goods and services.
We want economic
output to grow because
we believe this improves
our standard of living.
There are a number
of ways of measuring
output and we will get
to a few of them here,
but first, remember
our discussion
of productive factors
from the last lecture.
It is such factors namely
labor, capital, and
land as well as the
raw materials from
the land that generates
economic output.
1:08
So, it is helpful to
think of the total amount
of factors that a country has as
its wealth and the
total output or
product from its
factors as its income.
We naturally want our national
wealth to grow over time,
but if our income or
output grows each year,
then this will help our
national wealth grow too.
Here is a key point.
Any country must
decide how much of
its output should be
consumed, that is,
devoted to consumer items
like apparel, food,
or electronics and how
much should be invested.
From the standpoint of a nation,
what we mean by investment is
producing more
productive factors,
in other words,
increasing our wealth.
Consumption in contrast does
not add to a nation's wealth.