Which production factor gets destroyed in major recessions, part II? » GDP movement of 3 major economic downturns
GDP3.GIF
Graph shows the GDP movement during economic downturns in the US, Russia and Indonesia
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How do you measure GDP of a central-planned economy? What does the figure mean?
How to compare with what is effectively a new structure of economy after the central planners have changed their strategy?
Posted on 28-Oct-09 at 8:52 am | PermalinkHi Tel_,
the usual method, as I understand it, is for the statistical agencies (including the CIA and the Soviets themselves) to calculate national product (production times prices) and then to styart adjusting accross countries and to adjust for take-up rates (no point counting things produced that are not consumed), etc.
Angus Maddison has a whole website and several books devoted on the issue, calling macromeasurement an ‘art’. See http://www.ggdc.net/maddison
Posted on 30-Oct-09 at 9:10 am | Permalink