So what would be the contribution to GDP?

We know the deflator is, can we figure out the real GDP in 2011 and that will be the real GDP in 2010 dollars, when we have the deflator relative to 2010.

Country A, in 1990, had about 300 per capita GDP as compared with Country B, which had 460 in per capita GDP.

Let's say this is everything, this is the U.S. output.

And then this cancels with that and we get our real GDP.

People are thinking about the following questions

East Europe, Latin America, and OECD.

But if attempted to that the generall level of prices has gone up by 2.5 , when form 100 to 102.5.

Just to show you what we plotted, here is income, GDP

It is trillions, it's not billions.

Now we could compute something related to this,

So, you could have a GDP for a month you could have a GDP for a quarter of a year or you can be three months or you could have the GDP in a given year.

So for example

They paid 100,000 for it.

Now, of course, this cancels with that, that why we have multiplay both sides by the real,

That's just make a lot of sense to me.

They took the fourth quarter number and they that analysed this to get to this 15 000 billion, which is esentially 15,294.3 trillion dollars of GDP.

What if the year were to end right over here?

And what people are beginning to ask is

by stealing the future, selling it in the present and calling it GDP.

Cheap meaning sort of the cost of the military, not the cost of medical care.

So, to be fair and to alter our perspective, we have to bring in another data set, and that data set is GDP, or the country's earnings.

In science, we do experiments systematically.

If you look over the past couple decades at the returns to capital in other words, corporate profits we see them going up, and we see that they're now at an all time high.

So let me take this to the screen that I can remember that says. I have a bad memory.

Well let's take a look. Let's take a look at the Great Depression.

But that's not how economists measure GDP.

It's dependent on how much gold is found in the world, right?

Let's extend it to a more complex economy to the world we live in and with that I want to look at the more formal definition for

It was the hardest hit of any country in the world.

And so you have this 15 trillions divided by 1.025 or you can divide both sides by 1.025 and multiply both sides by the real GDP.

Let's say I don't know what's the GDP of Spain?

It could have been produced by someone from Mexico. It could have been produced by someone from Canada.

Basically the stuff of life is natural capital, and we need to recognize and build that into our systems.

The incidence of malaria is about a couple of million people get infected every year.

It turns out even during the Cultural Revolution,

I showed you that at 60 , to match that of Japanese males at 80 , this is the potential upside to GDP

Let's look at some data.

If I start a lawn mowing business and I go mow other people's lawns, or maybe before my wife I were dating, she used me to pay me to mow my lawns, then it would be included in GDP but maybe once we get married I just mow her lawn out of..because it's my lawn..we're the same family now..then it will not be included in GDP.

So if our engine's broken, guess what?

So taking it in that way, our nominal current dollar GDP is 15 294.3 billion dollars we can viewed that it's 15.2943 trillion, eiter way.

relative to ground

Symmetrical its central body mass.

And what you can see is that over the last 25 years,

Now that is the way that we know the nominal GDP is, the GDP measured in 2011 dollars,ofen called the current dollar GDP.