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GDP
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GDP. Cf. Parkin Chapter 5 Winter 2009 Econ 102 Prof. Smitka Washington & Lee University. GDP. Y = C + I + G + X – M = final purchases = production What is & isn’t part of C, I, G, X-M Purchases = income: w + i + r + pi + π + (τ + δ)
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GDP
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GDP Cf. Parkin Chapter 5 Winter 2009 Econ 102 Prof. Smitka Washington & Lee University
GDP • Y = C + I + G + X – M = final purchases = production • What is & isn’t part of C, I, G, X-M • Purchases = income: w + i + r + pi + π + (τ + δ) wages, net interest & dividends, rents, proprietors’ income, retained earnings (and sales & other indirect taxes and depreciation) • US GDP measurement vs China’s: PPP • 1929 US GDP vs 2008 US GDP: real, nominal • Other conceptual and measurement issues
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