International Research Journal of Commerce , Arts and Science

 ( Online- ISSN 2319 - 9202 )     New DOI : 10.32804/CASIRJ

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GDP AS AN INDICATOR OF ECONOMIC GROWTH

    1 Author(s):  ANNUSHRI

Vol -  6, Issue- 1 ,         Page(s) : 182 - 187  (2015 ) DOI : https://doi.org/10.32804/CASIRJ

Abstract

If ever there was a controversial icon from the statistics world, GDP is it. It measures income, but not equality, it measures growth, but not destruction, and it ignores values like social cohesion and the environment. Yet, governments, businesses and probably most people swear by it. According to François Lequiller, head of national accounts at the OECD, part of the problem is that perhaps we expect too much from this trusty, though misunderstood, indicator. But, the public is so used to GDP that we sometimes forget how hard it is to accurately sum all of the goods and services produced in a country together, from bricks and tableware to banking and software. First of all, to make such aggregating possible, you need to define what production is and what it is not. Our conventions may sometimes look arbitrary, such as when we exclude the output of domestic work that is carried out in the home. We do not consider, for example, that taking care of one’s own children is production, whereas we do when a hired nanny does the same work.

1. Bureau of Economic Analysis: Official United States GDP data.
2. Historicalstatistics.org: Links to historical statistics on GDP for different countries and regions, maintained by the Department of Economic History at Stockholm University.
3. Quandl - GDP by country - downloadable in CSV, Excel, JSON or XML 
4. Historical US GDP (yearly data), 1790–present, maintained by Samuel H. Williamson and Lawrence H. Officer, both professors of economics at the University of Illinois at Chicago.
5. Historical US GDP (quarterly data), 1947–present 
6. Google – public data: GDP and Personal Income of the U.S. (annual): Nominal Gross Domestic Product
7. The Maddison Project of the Groningen Growth and Development Centre at the University of Groningen, the Netherlands. This project continues and extends the work of Angus Maddison in collating all the available, credible data estimating GDP for different countries around the world. This includes data for some countries for over 2,000 years back to 1 CE and for essentially all countries since 1950. 
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10. Bjork 1999, pp. 251 Lawrence H. Officer, "What Was the U.K. GDP Then?" Measuring Worth, 2011. URL:http://www.measuringworth.com/ukgdp/ 
11. In Pursuit of Happiness Research. Is It Reliable? What Does It Imply for Policy? The Cato institute. April 11, 2007 
12. Claire Melamed, Renate Hartwig and Ursula Grant 2011. Jobs, growth and poverty: what do we know, what don't we know, what should we know? London:Overseas Development Institute
13. Roubini, Nouriel; Backus, David. "Lectures in Macroeconomics"<Chapter 4. Productivity and Growth>
14. Wang, Ping (2014). "Growth Accounting" (PDF). p. 2.   

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