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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
The results reveal that the increase in economic welfare of an average American has stabilised after the 1970s although the economy, measured by GDP, has continued to grow. According to Cobb and Daly's calculations the external effects of production and the inequity of income distribution are the main reasons for this development in which an ...
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
GDP and other macro-economic indicators - provided by the System of National Accounts (SNA). Enlarged GDP measures - include costs such as expense of environmental degradation, resource depletion or higher income inequality. They provide a more accurate indication of a country's actual economic, environmental and social performance.
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
Degrowth is an academic and social movement critical of the concept of growth in gross domestic product as a measure of human and economic development. [ 1 ] [ 2 ] [ 3 ] The idea of degrowth is based on ideas and research from economic anthropology , ecological economics , environmental sciences , and development studies .
[2] [3] Macroeconomists study topics such as output/GDP (gross domestic product) and national income, unemployment (including unemployment rates), price indices and inflation, consumption, saving, investment, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. [4]
If GDP were to grow simply as a result of the fact that more money was being spent to maintain the capital stock because of increased depreciation, it would not mean that anyone had been made better off. [4] Because of this some economists view NDP as a better measure of social and economic well being than GDP. [4] [5]