Who created the modern concept of gross domestic product and when?
Simon Kuznets created the system for the U.S. Congress in 1934 to measure national productivity during the Great Depression.
Questions about Gross domestic product
Short answers, pulled from the story.
When did China adopt GDP as its economic indicator after relying on a Marxist-inspired accounting system?
China adopted GDP as its economic indicator in 1993 following years of using a Marxist-inspired accounting system.
What are the three approaches statisticians use to determine gross domestic product values?
Statisticians determine gross domestic product through the production approach, income approach, and expenditure approach which should theoretically yield identical results.
Which international organization published the System of National Accounts standard in 2008?
Representatives from the International Monetary Fund, European Union, Organisation for Economic Co-operation and Development, United Nations, and World Bank prepared the System of National Accounts published in 2008.
Why do environmentalists argue that gross domestic product fails to account for harm done to nature?
Environmentalists argue that gross domestic product rewards behaviors detrimental to the environment while ignoring resource depletion and pollution such as the loss of approximately 10 billion trees annually.