{"id":37460,"date":"2017-03-05T02:00:41","date_gmt":"2017-03-05T07:00:41","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=37460"},"modified":"2017-07-14T10:06:50","modified_gmt":"2017-07-14T14:06:50","slug":"splitting-gdp","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2017\/03\/05\/splitting-gdp\/","title":{"rendered":"Splitting GDP"},"content":{"rendered":"<p align=\"center\"><iframe loading=\"lazy\" width=\"853\" height=\"480\" src=\"https:\/\/www.youtube.com\/embed\/ChnRwedmO64?list=PL-uRhZ_p-BM52EbMG1NR1ZfG9tEvcxE4u\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<blockquote><p><strong>Published on 21 Nov 2015<\/strong><\/p>\n<p>In the last three videos, you learned the basics of GDP: how to compute it, and how to account for inflation and population increases. You also learned how real GDP per capita is useful as a quick measure for standard of living.<\/p>\n<p>This time round, we\u2019ll get into specifics on how GDP is analyzed and used to study a country\u2019s economy. You\u2019ll learn two approaches for analysis: national spending and factor income.<\/p>\n<p>You\u2019ll see GDP from both sides of the ledger: the spending and the receiving side.<\/p>\n<p>With the national spending approach, you\u2019ll see how gross domestic product is split into three categories: consumption goods bought by the public, investment goods bought by the public, and government purchases.<\/p>\n<p>You\u2019ll also learn how to avoid double counting in GDP calculation, by understanding how government purchases differ from government spending, in terms of GDP.<\/p>\n<p>After that, you\u2019ll learn the other approach for GDP splitting: factor income.<\/p>\n<p>Here, you\u2019ll view GDP as the total sum of employee compensation, rents, interest, and profit. You\u2019ll understand how GDP looks from the other side \u2014 from the receiving end of the ledger, instead of the spending end.<\/p>\n<p>Finally, you\u2019ll pay a visit to FRED (the Federal Reserve Economic Data website) again.<\/p>\n<p>FRED will help you understand how GDP and GDI (the name for GDP when you use the factor income approach) are used by economists in times of economic downturn.<\/p>\n<p>So, buckle in again. It\u2019s time to hit the last stop on our GDP journey.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Published on 21 Nov 2015 In the last three videos, you learned the basics of GDP: how to compute it, and how to account for inflation and population increases. You also learned how real GDP per capita is useful as a quick measure for standard of living. This time round, we\u2019ll get into specifics on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[1094,1093,1143,290],"class_list":["post-37460","post","type-post","status-publish","format-standard","hentry","category-economics","tag-gdp","tag-macroeconomics","tag-principlesofeconomics","tag-statistics"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-9Kc","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=37460"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37460\/revisions"}],"predecessor-version":[{"id":37461,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37460\/revisions\/37461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=37460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=37460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=37460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}