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Does Gnp Exaggerate Growth In “Actual” Output? The Case Of The United States

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  • Scott M. Fuess
  • Hendrik Van Den Berg

Abstract

Measures of national product can be misleading because there is nonmarket production. There are also distortions due to transactional activities, which are expenditures to support transactions, not actual output consumed. For 1950–89, this study recalculates output for the United States, adjusting for transactional activities and nonmarket production. Due to relatively rapid growth in transactional activities, GNP overstates output growth in the 1950s; because there was slow expansion of transactional activities in the early 1970s, GNP understates actual output. Since 1974, increases in transactional activities and shifts to market production lead GNP to exaggerate improvement of “actual” output per capita.

Suggested Citation

  • Scott M. Fuess & Hendrik Van Den Berg, 1996. "Does Gnp Exaggerate Growth In “Actual” Output? The Case Of The United States," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 42(1), pages 35-48, March.
    • Handle: RePEc:bla:revinw:v:42:y:1996:i:1:p:35-48
    DOI: 10.1111/j.1475-4991.1996.tb00144.x
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    Cited by:

    1. Scott M. Fuess & Hendrik Van den Berg, 1998. "Does GDP Distort Mexico's Economic Performance?," Southern Economic Journal, John Wiley & Sons, vol. 64(4), pages 973-986, April.
    2. Engelbrecht, Hans-Jurgen, 1997. "A comparison and critical assessment of Porat and Rubin's information economy and Wallis and North's transaction sector1," Information Economics and Policy, Elsevier, vol. 9(4), pages 271-290, December.
    3. Rossitsa Rangelova, 2002. "Medium-Term Forecastings of the Economic Growth in Bulgaria," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-29.
    4. Bos, Frits, 2011. "Three centuries of macro-economic statistics," MPRA Paper 35391, University Library of Munich, Germany.
    5. Rossitsa Rangelova, 2010. "GDP as a Measurer of the Economic Growth – Methodological Specifics and Trends," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 3-38.
    6. Bos, Frits, 2009. "The National Accounts as a Tool for Analysis and Policy; History, Economic Theory and Data Compilation Issues," MPRA Paper 23582, University Library of Munich, Germany.

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