The following paper examines the concept of Gross Domestic Product (GDP) as well as how the original concept of GDP has changed throughout history.
Written in 2002; 2,095 words; 6 sources; MLA; $ 65.95
Paper Summary:
This paper discusses how the 1990s unprecedented GDP growth shows increasing wages, but more likely labor inefficiencies due to the increased participation of older and less skilled workers. This paper also explores how several factors lead to an increase in the price per unit of GDP.
From the Paper:
"The concept no longer had to do with production, now it had to with anything, good or service, to which a market price could be attached. The focus of GDP changed from production to consumption (Cobb, Halstead, Rowe). The increase in services provided by divorce lawyers, day care centers, and financial advisors caused a shift. In January 1962 the Personal Consumption Expenditures broke into 45.1% non-durables, 12.7% durables, and 42.2% services. In January 1972 the Personal Consumption Expenditures broke into 39.7% non-durables, 14.3% durables, and 46.1% services. The trend continued through January 2002, 29.0% non-durables, 11.9% durables, and 59.1% services (Bureau of Economic Analysis). In 40 years, non-durables dropped from 45.1% of personal consumption expenditures to 29.0%."
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