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Tag Archives: gdp

The meaning, the measurement, and the use of GDP

In this eighth lecture of Economics for Everyone, we begin our discussion of macroeconomics, the study of the overall level of economic activity. The lecture offers some background and motivation by examining the sharp increase and sluggish fall of the unemployment rate during the 1930s, the Great Depression. This led to a crisis in economic thinking, and to the publication of John Maynard Keynes’s “General Theory”. Thus macro-economics was born. Our first challenge involves...

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The economic (and political) effects of this coronavirus pandemic

This is an update of an earlier postwhere I described the results of a study I did with others on a flu pandemic. (It also appeared in a VoxEU ebook.) I have had a lot of enquiries from journalists in Europe about this blog and the paper, and of course what everyone wants to know is how similar is our modelling to the impact of this coronavirus. The features of this pandemic are now clearer than when I wrote the post, so I can say a few things on this issue. Our study looked at two cases: a...

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Quick take on BEA County release for ND

David Economist and economic historian with an interest in population analysis and demographic methods. Especially interested in natural disasters and disruptions to economic activity and changes in population dynamics, as well as fiscal and monetary policy with forecasting implications. Husband, father, Cubs fan. View all posts by David

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GDP isn’t just adding up all the nice things

People keep wanting GDP to be something it isn't.The only thing that GDP is is a measure of the final value of goods and services that trade in markets. That's it.There are all kinds of good things that are not in GDP.High among those good things is the value of household production that does not trade in markets.This is standard fodder in principles and intermediate-level coursework. If you have a two-parent household, with one working outside the home for wages and the other working inside...

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Comparing ND and the US

There is obviously a great deal of interest in fiscal and economic performance in the US based on recent policy discussions and suggestions. So clearly there will be a great deal to process and digest there. For this post, let’s just consider the movement in US and ND GDP over the last decade plus. This is percentage change in year-over-year fashion to remove any quarterly seasonality. The relatively strong performance for ND from 2006 to around 2012-13 will not be a surprise to...

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State of the economy, North Dakota edition

The Bureau of Economic Analysis released updated numbers for state level GDP in the last week. The update is through 2019Q1 but it is still an update. There are so many different things to consider and angles to understand that we need to start somewhere. So let’s talk about private versus public share of the economy. Private Sector v. Public Sector One of the more constant themes when I appear on the radio discusses the scale of the private sector versus the public sector. So...

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Afternoon roundup

The afternoon's worthies on the closing of a week's worth of browser tabs:Hamish Rutherford explains why, despite Keith Ng's insistence that any mildly clever move in a Google Search that gets you something that somebody didn't want you to see is indeed a hack, the inappropriate use of the term kinda matters. Keith now recommends we use the term cyberbadtouch instead of hack - I like it.  Environmental monitoring and reporting at a few of our Councils could stand improvement. Is there any...

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Growth and well-being: policy should not be based on GDP alone

Economists are often accused of focusing excessively on GDP, with the result that government policies make GDP a priority to the detriment of other contributors to well-being. This research proposes a broader summary statistic that incorporates consumption, leisure, mortality and inequality. While the new statistic is highly correlated with GDP per capita, cross-national deviations are often large: Western Europe looks considerably closer to the United States; emerging Asia has...

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Afternoon roundup

Today's closing of the browser tabs brings a greater share of stupid New Zealand policy than I'd like.The SuperGold Card scheme was always stupid. Why? It's badly targeted. If you want to alleviate poverty, give money to poor people. Giving free transport to old people doesn't make a lot of sense. And as Duncan Greive over at the Spinoff points out, there's a big subsidy to rich retired (or just old and still working) people who live up on Waiheke Island - and who can get a free 23km ferry...

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Enjoy It While You Can

by John Mauldin, Thoughts from the Frontline If you travel as much as I do, you come to value nonstop flights. Connections introduce uncertainty and potential delays, not to mention what often feels like wasted time; but sometimes connections are just unavoidable. But you don’t want them to be too tight. Those five-minute sprints from one concourse to another are never fun. Better to have some breathing room. Follow up: Please share this article - Go to very top of page, right hand side,...

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