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Gross Output
In economics, gross output (GO) is a measure of the value of production of new goods and services during an accounting period. Gross output represents the total value of ''sales'' by producing enterprises (their gross revenue or turnover) in an accounting period (a quarter or a year), before subtracting the value of intermediate goods used up in production from the value of sales. Gross output can also be defined as the value of net output (the gross value-added or GDP) ''plus'' the value of intermediate consumption. Gross output is therefore a broader measure of the value of production than gross domestic product (GDP), which measures only the net value of final output (finished goods and services). , for example, the Bureau of Economic Analysis estimated gross output in the United States to be $50.9 trillion, compared to $29.3 trillion for GDP. Gross output and net output are complementary measures of the value of production. The components of gross output provide extra in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Spending
Consumer spending is the total money spent on final goods and services by individuals and households. There are two components of consumer spending: induced consumption (which is affected by the level of income) and autonomous consumption (which is not). Macroeconomic factors Taxes Taxes are a tool in the adjustment of the economy. Tax policies designed by governments affect consumer groups, net consumer spending and consumer confidence. Economists expect tax manipulation to increase or decrease consumer spending, though the precise impact of specific manipulations are often the subject of controversy. Underlying tax manipulation as a stimulant or suppression of consumer spending is an equation for gross domestic product (GDP). The equation is GDP = C + I + G + NX, where C is private consumption, I is private investment, G is government and NX is the net of exports minus imports. Increases in government spending create demand and economic expansion. However, government spendin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Nations System Of National Accounts (UNSNA)
The System of National Accounts or SNA (until 1993 known as the United Nations System of National Accounts or UNSNA) is an international standard system of concepts and methods for national accounts. It is nowadays used by most countries in the world. The first international standard was published in 1953. Manuals have subsequently been released for the 1968 revision, the 1993 revision, and the 2008 revision. The draft version for the SNA 2025 revision was adopted by the United Nations Statistical Commission at its 56th Session in March 2025. Behind the accounts system, there is also a system of people: the people who are cooperating around the world to produce the statistics, for use by government agencies, businesspeople, academics and interest groups from all nations. The aim of SNA is to provide an integrated, complete system of standard national accounts, for the purpose of economic analysis, policy-making and decision-making. When individual countries use SNA standards to g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sectoral Output
Sectoral output for an industry or combination of industries ("sector") is the value of its output sold outside that sector. It is usually calculated as the value of the sector's gross output minus the value of shipments within the sector from one establishment to another. Value here is measured for a specified time period and usually in units of nominal money. It may be converted to constant units by multiplying by a price index to adjust for changes in prices over time and changes in quality of the goods and services produced. A sectoral output measure is conceptually different from measures of gross output or value-added output. Gross output for the sector consists of sales, or receipts, and other operating income, plus excise taxes paid and net increases in inventories. Value-added measures exclude the value of intermediate inputs such as material, energy, and services, whether from the same industry or others. Thus gross output is larger than sectoral output which is larger ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Net Output
Net output is an accounting concept used in national accounts such as the United Nations System of National Accounts (UNSNA) and the NIPAs, and sometimes in corporate or government accounts. The concept was originally invented to measure the total net addition to a country's stock of wealth created by production during an accounting interval. The concept of net output is basically "gross revenue from production ''less'' the value of goods and services ''used up'' in that production". The idea is that if one deducts intermediate expenditures from the annual flow of income generated by production, one obtains a measure of the net new value of the new goods and services created. Definition In national accounts, net output is equivalent to the gross value added during an accounting period when producing enterprises use inputs (labor and capital assets) to produce outputs. Gross value added is called "gross" because it includes depreciation charges (or more precisely, consumption ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Accounts
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting Scientific technique, techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though they each measure different characteristics, for example production and the income from it. As a methodology, method, the subject is termed national accounting or, more generally, social accounting.Nancy D. Ruggles, 1987. "social accounting," ''The New Palgrave: A Dictionary of Economics'', v. 4, pp. 377–82. Stated otherwise, national accounts as ''systems'' may be distinguished from the economic data associated with those systems. While sharing many common principles with business accounting, national accounts are based on economic concepts. One conceptual construct for representing flows of all economic transacti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intermediate Consumption
Intermediate consumption (also called "intermediate expenditure") is an economic concept used in national accounts, such as the United Nations System of National Accounts (UNSNA), the US National Income and Product Accounts (NIPA) and the European System of Accounts (ESA). Conceptually, the aggregate "intermediate consumption" is equal to the amount of the difference between gross output (roughly, the total sales value) and net output (gross value added or GDP). In the US economy, total intermediate consumption represents about 45% of gross output. The services component in intermediate consumption has grown strongly in the US, from about 30% in the 1980s to more than 40% today. Thus, intermediate consumption is an accounting flow which consists of the total monetary value of goods and services ''consumed or used up as inputs in production'' by enterprises, including raw materials, services and various other operating expenses. Because this value must be subtracted from gros ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Input–output Model
In economics, an input–output model is a quantitative economic model that represents the interdependencies between different sectors of a national economy or different regional economies.Thijs Ten Raa, Input–Output Economics: Theory and Applications: Featuring Asian Economies', World Scientific, 2009 Wassily Leontief (1906–1999) is credited with developing this type of analysis and earned the Nobel Prize in Economics for his development of this model. Origins Francois Quesnay had developed a cruder version of this technique called Tableau économique, and Léon Walras's work ''Elements of Pure Economics'' on general equilibrium theory also was a forerunner and made a generalization of Leontief's seminal concept. Alexander Bogdanov has been credited with originating the concept in a report delivered to the All Russia Conference on the Scientific Organisation of Labour and Production Processes, in January 1921. This approach was also developed by Lev Kritzman. Thomas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steve Forbes
Malcolm Stevenson Forbes Jr. (; born July 18, 1947) is an American publishing executive and politician who is the editor-in-chief of ''Forbes'', a business magazine. He is the son of longtime ''Forbes'' publisher Malcolm Forbes and the grandson of that publication's founder B. C. Forbes, B.C. Forbes. He is an adviser at the Forbes School of Business & Technology. Forbes was a candidate in the Republican Party presidential primaries, 1996, 1996Mitt Romney to report financial assets of at least $190 million Fox News and 2000 Republican Party presidential primaries, 2000 Republican presidential primaries. He was also appointed chairman of the Board for International Broadcasting (BIB) in 1985, and was reappointed again in 1993. ...
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Gene Epstein
Gene Epstein (born 1944) is an American economist. He is best known for his work advancing libertarian principles and promoting free-market policies. He worked as the economics editor of '' Barron's Magazine'' from 1993 to 2018 where he wrote the influential "Economic Beat" column, focusing on macroeconomic trends and critiques of government intervention in markets. He calls himself a follower of the Austrian school of economics and is an associated scholar at the Ludwig von Mises Institute in Auburn, Alabama. Epstein is also the founder and director of '' The Soho Forum'', a debate series dedicated to discussing and defending libertarian ideas on economic and social issues. He frequently lectures on topics such as monetary policy, the role of government, and the ethics of capitalism. In addition to his journalism and speaking engagements, Epstein has authored books on economic policy and has contributed to a variety of academic and popular publications. Career Epstein earned a B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steve Hanke
Steve H. Hanke (; born December 29, 1942) is an American economist and professor of applied economics at the Johns Hopkins University in Baltimore, Maryland. He is also a senior fellow at the Independent Institute in Oakland, California, and co-director of the Johns Hopkins University's Institute for Applied Economics, Global Health, and the Study of Business Enterprise in Baltimore, Maryland. Hanke is known for his work as a currency reformer in emerging-market countries. He was a senior economist with President Ronald Reagan's Council of Economic Advisers from 1981 to 1982, and has served as an adviser to heads of state in countries throughout Asia, South America, Europe, and the Middle East. He is also known for his work on currency boards, dollarization, hyperinflation, water pricing and demand, benefit-cost analysis, privatization, and other topics in applied economics. He has written extensively as a columnist for ''Forbes'', ''The National Review'', and other publi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Colander
David Charles Colander (November 16, 1947 – December 4, 2023) was an American economist, and the Christian A. Johnson Distinguished Professor of Economics at Middlebury College. He is known for his study of the economics profession itself and socioeconomics. His books ''The Making of an Economist'' and its later edition, ''The Making of an Economist, Redux'', have been called "essential reading for prospective graduate students".Princeton University Press. The Making of an Economist, ReduxPublisher review He has authored over 35 books and 100 articles on a wide variety of subjects. He has expressed interest in complexity economics. His latest work focuses on economic education, complexity, and the methodology appropriate to applied policy economics. Colander received his Ph.D. from Columbia University and has taught at Columbia University, Vassar College, the University of Miami, and Princeton University as well as Middlebury College. In 2001–2002 he was the Kelley Professor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
