Economic Output Growth Measure

An Economic Output Growth Measure is an economic change measure based on an economic output measure (typically market value).

• Context
  • It can produce an Economic Output Growth Value.
  • It can range from being an Annual Economic Output Growth Measure to being a Quarterly Economic Output Growth Measure to ...
  • It can range from being a Global Economic Output Measure to being a National Economic Output Measure to being a Provincial-State Economic Output Measure to being a Municipal Economic Output Measure to being a Household Economic Growth Measure.
  • It can range from being a Total Economic Output Growth Measure to being a per Capita Economic Output Growth Measure.
  • It can be associated to a Worker Output Growth Measure.
  • It can be correlated with Human Welfare.
  • …
• Example(s):
  • the World Bank's GDP Growth Metric.
  • a GNP Growth Metric.
  • Economic Productivity Growth Metric.
  • …
• Counter-Example(s):
  • Return on Capital.
  • Demographic Change Measure.
• See: Economic Measure, Economic Recession, Business Cycle, Aggregate Economic Demand.

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References

2023

• (Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/economic_growth Retrieved:2023-10-22.
  • 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). 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

• (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/economic_growth Retrieved:2014-7-27.
  • Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Of more importance is the growth of the ratio of GDP to population (GDP per capita), which is also called per capita income. ...

2011

• http://www.who.int/trade/glossary/story019/en/
  • This is defined as an increase in a country's national income or per capita national income. Growth is fundamental to development and thus the advancement of human welfare. Some argue that an expanding economy can coexist with problems of income inequality and poverty. They point out that economic growth does not always lead to improvements in health and education, and conversely that improvements in health and education are not necessarily dependent on economic growth. Brazil has managed to achieve impressive gains in reducing infant mortality and increasing school enrollment during a period of just 1% growth in gross domestic product (GDP) per capita a year and an increasingly tight fiscal environment.

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