Since last summer the nation’s Gross Domestic Product (GDP) has gone up — indeed, it grew at a surprising 5.7% rate in the 4th quarter — seeming to confirm what we’ve been hearing: the recession is ...

For years, measuring economic welfare has been pretty straightforward. Classic economics obsess over a single value: gross domestic product. Luckily, economic paradigms are shifting, and experts are ...

“Measurement theory shows that strong assumptions are required for certain statistics to provide meaningful information about reality. Measurement theory encourages people to think about the meaning ...

The most basic and comprehensive measure of the U.S. economy is gross domestic product, or GDP. It’s a measure followed by investors, economists, and policymakers like the president of the United ...

Seriously. How are you feeling about your economic situation? Because the unemployment rate is still near generational lows, inflation is down to 3.2%, and gross domestic product, or GDP, grew at a ...

Diane Coyle’s new book, GDP: A Brief But Affectionate History, is a timely contribution to discussions of modern economic performance. She argues that Gross Domestic Product increasingly ...

Define GDP Explain the difference between real and nominal GDP Explain, using an example, one limitation of using GDP as a measure of living standards Why, despite being aware of its shortcomings, do ...

For most of the last seven decades, which is to say about as long as economists have been calculating what's now called "gross domestic product," it's been criticized for being, well, too gross.

There are a lot of things wrong with GDP as a measurement of how well we're all doing. Simon Kuznets pointed out a number of them when he devised the concept back in the 1930s. GDP doesn't measure the ...

French president Nicolas Sarkozy drew heat last month when he suggested that countries should factor happiness into their statistics for growth. After all, Sarkozy campaigned on promises of wealth ...

Brazil and India have paid dearly for their rapid economic growth. By conventional measures, these two countries have only grown richer: Gross domestic product (GDP) per capita rose 34% and 120% ...