ECON1132 Lecture Notes - Lecture 2: Problem Set, Gdp Deflator, Soot
24 Feb 2014
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Your text refers to gdp as one of the great inventions of the past. Lecture 2: measurement of output and income. century. The late hugo chavez of venezuela once referred to gdp as a capitalist plot. In 2008 president sarzoky of france appointed a commission to consider alternatives to gdp as a measure of well being. It is an effort to measure total output of an economic system. Economists build models to try to explain what moves output up or down and we need measurement to test the models. We want to see what policy actions best promote both growth and stability. But to see what works we need measurement. Today we will take a close look at how we measure output and income. Economics is concerned with how we use our resources to produce goods and services to satisfy wants.
