Economic Output Growth Value
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An Economic Output Growth Value is a change value based on an economic output growth measure.
- Context
- It can range from being a Positive Economic Growth to being a Neutral Economic Growth to being a Negative Economic Growth.
- It can range from being an Annual Economic Output Change Value to being a Quarterly Economic Output Change Value to ...
- It can range from being a Global Economic Output Value to being a National Economic Output Value to being a Provincial-State Economic Output Value to being a Municipal Economic Output Value to being a Household Economic Growth Value.
- It can range from being a Total Economic Output Change Value to being a per Capita Economic Output Change Value.
- It can be used to indicate a Growing Economy, to indicate a Neutral Economy, and to indicate a Shrinking Economy (e.g. an economic recession).
- Example(s):
- Counter-Example(s):
- See: Economic Measure, Business Cycle, Aggregate Economic Demand.
References
2024
- (Wikipedia, 2024) ⇒ https://en.wikipedia.org/wiki/Economic_growth Retrieved:2024-6-5.
- Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP). [1] Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting.Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income).The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. Economists refer to economic growth caused by more efficient use of inputs (increased productivity of labor, of physical capital, of energy or of materials) as intensive growth. In contrast, GDP growth caused only by increases in the amount of inputs available for use (increased population, for example, or new territory) counts as extensive growth.Development of new goods and services also generates economic growth. As it so happens, in the U.S. about 60% of consumer spending in 2013 went on goods and services that did not exist in 1869.
2014
- "Thomas Piketty interviewed by The European." 12.12.2014
- QUOTE: T. Piketty: … I am confident that innovations will enable us to grow sustainably but we should not be as naïve as to believe that growth will solve all our problems.... we must discard the dogmatic idea that growth will or must pass the 5% mark. Growth rates in the future will very likely be as low as the rates we had over the last decades, ranging between 1% and 2%. As I stress in my book, the chasm between the rate of return on capital and the rate of economic growth is therefore likely to grow. …
- ↑ Statistics on the Growth of the Global Gross Domestic Product (GDP) from 2003 to 2013 , IMF, October 2012. - "Gross domestic product, also called GDP, is the market value of goods and services produced by a country in a certain time period."