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Measures Of National Income And Output
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost). All are specially concerned with counting the total amount of goods and services produced within the economy and by various sectors. The boundary is usually defined by geography or citizenship, and it is also defined as the total income of the nation and also restrict the goods and services that are counted. For instance, some measures count only goods & services that are exchanged for money, excluding bartered goods, while other measures may attempt to include bartered goods by ''imputing'' monetary values to them. National accounts Arriving at a figure for the total production of goods and services in a large region like a country entails a ... [...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] |
Government Spending
Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government Gross fixed capital formation, gross capital formation). These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product. Spending by a government that issues its own currency is nominally self-financing. However, under a full employment assumption, to acquire resources produced by its population without potential inflationary pressures, removal of purchasing power m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sustainable National Income
Sustainable national income, (SNI) is an indicator for environmental sustainability, which gives an estimate of the production level at which - with the technology in the year of calculation - environmental functions remain available ‘for ever’. Overview The national income of a country is an estimate of the yearly production of goods and services. The loss of possible uses of the non-human made physical surroundings, named environmental functions, on which humanity is dependent in all its doings remains outside the estimate. Also the present and future production is dependent on these environmental functions. The sustainable national income (SNI) in a given year is an estimate of the production level at which - with the technology in the year of calculation - environmental functions remain available ‘for ever’. The sustainable national income (SNI) in a certain year is defined as: :''the maximum attainable production level whereby, with the available technology in the y ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gross National Happiness
Gross National Happiness, (GNH; ) sometimes called Gross Domestic Happiness (GDH), is a philosophy that guides the government of Bhutan. It includes an index used to measure a population's collective happiness and well-being. The Gross National Happiness Index was instituted as the goal of the government of Bhutan in the Constitution of Bhutan, enacted on 18 July 2008. History The advent and concept of "Gross National Happiness" (GNH) germinated in the mind of Bodhisattva Druk Gyelpo, the 4th King of Bhutan, Jigme Singye Wangchuck, groomed with the evolution of "Gaki Phuensum" (Peace and Prosperity) and the modernization period of Bhutan during the reign of Druk Gyelpo, the 3rd King of Bhutan, Jigme Dorji Wangchuck. The term "Gross National Happiness" as conceptualized by the 4th King of Bhutan, Jigme Singye Wangchuck, in 1972 was declared, "more important than Gross Domestic Product." The concept implies that sustainable development should take a holistic approach towards noti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Index Of Sustainable Economic Welfare
The Index of Sustainable Economic Welfare (ISEW) is an economic indicator intended to replace the gross domestic product (GDP), which is the main macroeconomic indicator of System of National Accounts (SNA). Rather than simply adding together all expenditures like the GDP, consumer spending is balanced by such factors as income distribution and cost associated with pollution and other unsustainable costs. The calculation excludes defence expenditures and considers a wider range of harmful effects of economic growth. It is similar to the genuine progress indicator (GPI). The Index of Sustainable Economic Welfare (ISEW) is roughly defined by the following formula: ''ISEW'' = ''personal consumption''+ ''public non-defensive expenditures''- ''private defensive expenditures''+ ''capital formation''+ ''services from domestic labour''- ''costs of environmental degradation''- ''depreciation of natural capital'' History GDP is misleading as an indicator or even as a proxy of the welfare ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Development Index
The Human Development Index (HDI) is a statistical composite index of life expectancy, Education Index, education (mean years of schooling completed and expected years of schooling upon entering the education system), and per capita income indicators, which is used to rank countries into four tiers of Human development (humanity), human development. A country scores a higher level of HDI when the life expectancy at birth, lifespan is higher, the education level is higher, and the gross national income GNI (PPP) per capita is higher. It was developed by Pakistani economist Mahbub ul-Haq and was further used to measure a country's development by the United Nations Development Programme (UNDP)'s Human Development Report Office. The 2010 Human Development Report introduced an List of countries by inequality-adjusted Human Development Index, inequality-adjusted Human Development Index (IHDI). While the simple HDI remains useful, it stated that "the IHDI is the actual level of huma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gini Coefficient
In economics, the Gini coefficient ( ), also known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income distribution, income inequality, the wealth distribution, wealth inequality, or the consumption inequality within a nation or a social group. It was developed by Italian statistics, statistician and Sociology, sociologist Corrado Gini. The Gini coefficient measures the economic inequality, inequality among the values of a frequency distribution, such as income levels. A Gini coefficient of 0 reflects perfect equality, where all income or wealth values are the same. In contrast, a Gini coefficient of 1 (or 100%) reflects maximal inequality among values, where a single individual has all the income while all others have none. Corrado Gini proposed the Gini coefficient as a measure of social inequality, inequality of income inequality metrics, income or Wealth concentration, wealth. For Organisation for Economic Co-operatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchasing Power Parity
Purchasing power parity (PPP) is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currency, currencies. PPP is effectively the ratio of the price of a market basket at one location divided by the price of the basket of goods at a different location. The PPP inflation and exchange rate may differ from the Exchange rate, market exchange rate because of tariffs, and other transaction costs. The purchasing power parity indicator can be used to compare economies regarding their gross domestic product (GDP), labour productivity and actual individual consumption, and in some cases to analyse price convergence and to compare the cost of living between places. The calculation of the PPP, according to the OECD, is made through a ''basket of goods'' that contains a "final product list [that] covers around 3,000 consumer goods and services, 30 occupations in government, 200 types of equipment goods and about ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Expectancy
Human life expectancy is a statistical measure of the estimate of the average remaining years of life at a given age. The most commonly used measure is ''life expectancy at birth'' (LEB, or in demographic notation ''e''0, where ''e''x denotes the average life remaining at age ''x''). This can be defined in two ways. ''Cohort'' LEB is the mean length of life of a birth Cohort (statistics), cohort (in this case, all individuals born in a given year) and can be computed only for cohorts born so long ago that all their members have died. ''Period'' LEB is the mean length of life of a hypothetical cohort assumed to be exposed, from birth through death, to the mortality rates observed at a given year. National LEB figures reported by national agencies and international organizations for human populations are estimates of ''period'' LEB. Human remains from the early Bronze Age indicate an LEB of 24. In 2019, world LEB was 73.3. A combination of high infant mortality and d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quality Of Life
Quality of life (QOL) is defined by the World Health Organization as "an individual's perception of their position in life in the context of the culture and value systems in which they live and in relation to their goals, expectations, standards and concerns". Standard indicators of the quality of life include wealth, employment, the environment, physical and mental health, education, recreation and leisure time, social belonging, religious beliefs, safety, security and freedom. QOL has a wide range of contexts, including the fields of international development, healthcare, politics and employment. Health related QOL (HRQOL) is an evaluation of QOL and its relationship with health. Engaged theory One approach, called the engaged theory, outlined in the journal of ''Applied Research in the Quality of Life'', posits four domains in assessing quality of life: ecology, economics, politics and culture. In the domain of culture, for example, it includes the following subd ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mean Income
The national average salary (or national average wage) is the mean salary for the working population of a nation. It is calculated by summing all the annual salaries of all persons in work (surveyed) and dividing the total by the number of workers (surveyed). It is not the same as the Gross domestic product (GDP) per capita, which is calculated by dividing the GDP by the total population of a country, including the unemployed and those not in the workforce (e.g. retired people, children, students, etc.). It can be useful in understanding economic conditions, and to employers and employees in negotiating salaries. The national median salary is usually significantly less than the national average salary because the distribution of workers by salary is skewed. Examples of usage * The United States Social Security Administration calculates a "national average wage index", used to index past wages of workers by multiplying them by the ratio of the current wage index to the wage in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
