William Petty came up with a concept of GDP, to calculate the tax burden, and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652-74. Charles Davenant developed … See more

GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference is that … See more

The raw GDP figure as given by the equations above is called the nominal, historical, or current, GDP. When one compares GDP … See more

Real GDP allows us to calculate the GDP growth rate, which indicates how much a country's production has increased (or decreased, if the growth rate is negative) compared to the … See more

GDP can be determined in three ways, all of which should, theoretically, give the same result. They are the production (or output or value … See more

Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to the information required (especially information on expenditure and production by governments). See more

GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person. If a country's GDP doubled over a … See more