William Petty came up with a concept of GDP, to calculate the tax burden, and argue landlords were unfairly taxed during
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 added) approach, the income approach, and the speculated expenditur… 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 GDP defines its scope according to location, while GNI defines its scope according t… 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 … See more

The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in … See more