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Economic measurements - Essay Example

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Summary
Gross domestic product helps measure the economic activity of a country in terms of the value of the goods and services it produces in a certain period. It can be expressed as nominal gross domestic product or real gross domestic product. Nominal gross domestic product uses…
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Economic measurements
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Economic measurements

Download file to see previous pages... Negative real gross domestic product indicates lower incomes, lower consumption and poor standard of living (Brezina 24). Largely, gross domestic product is a better economic indicator than its alternatives despite its shortcomings.
Production is one of the ways of estimating a country’s gross domestic product. Using production in estimating the gross domestic product requires the subtraction of inputs used in the production process from the value of the final output. The value of the final good incorporates the value of inputs and the expertise used in manufacturing and caution is needed not to overestimate the gross domestic product. Overestimation of the gross domestic product happens when outputs are double-counted. Double counting is avoided by calculating and aggregating the value-added at different stages of production. The aggregate is called gross value added, it needs adjustment for taxes, and subsidies in order to derive a gross domestic product estimate (Stiglitz et al 112).
Gross domestic product is an applauded economic indicator because it factors in inflation. This allows investors and firms to compare incumbent trends with previous periods. It does well in capturing the heath of an economy and it has a significant influence on markets (NAS 25). Gross domestic product is able to mark the beginning and the end of an economic recession. Gross domestic product is limited by its periodical release because its data may not be timely in capturing some changes in the economy. Its sensitivity to revision is a limitation as it can have significant changes in historical figures (Fioramonti 85).
Alternatives to gross domestic product in measuring the economic growth and health of a country include green accounting that factor in the environmental impacts of production. There are alternatives that take into account leisure. Index of sustainable ...Download file to see next pagesRead More
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