Measuring an Economy

 

UPDATE: James Robinson “Why Nations’ Fail” talk

To know whether or not our economy is growing we need a way to measure it.  Since the 1930s we have used Gross Domestic Product (GDP) or Gross National Product (GNP) as our economic thermometer.  This week we will look at what GDP measures, how it is calculates and cautions we need to use in its interpretation and use.

realgdp-650x450
 

From Visualizing Economics

 

http://visualizingeconomics.com/blog/2010/11/03/us-gdp-1871-2009

 

Before Class 

 

 

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