ECON 2010 Chapter Notes - Chapter 4: William Petty, Simon Kuznets, Final Good
Document Summary
All people are interested in economic data. Interest in measuring the economy date back as far as mid 1th century, when sir william. Petty conducted a detailed survey of the land and wealth of ireland. 20th century is when economic came into its own. Wwii was an important catalyst for the development of accurate economic statistics since its very outcome was thought to depend on the mobilization of economic resources. Simon kuznets (us) and richard stone (uk) developed comprehensive systems for measuring a nation"s output of goods/services, which were of great help to allied leaders in their wartime planning. Gross domestic product: measuring the nation"s output. The most frequently used measure of an economy"s output is called the gross domestic product, or gdp. Gross domestic product (gdp) is the market value of the final goods and services produced in a country during a given period. First key phrase in this definition is market value .
