GDP is key to macroeconomics, yet different ways of defining and measuring GDP have particular purposes. This paper examines how total GDP can be conceptualized, dissected and studied and how these improve our analysis and understanding of the sources of economic growth. While each approach is...

We analyze the effect of measurement error in macroeconomic data on economics research using two features of the estimates of latent US output produced by the Bureau of Economic Analysis (BEA). First, we use the fact that the BEA publishes two theoretically identical estimates of latent US...

This paper proves that the current definitions of GDP are the result of assuming three zeros: depreciation, interest and profit. Such measures may report exaggerate positive income, even though the true income is negative. This paper supports Choi's (2009) finding that Keynes' measure of income...

Inclusive development policies and comprehensive strategies are extremely critical aspects of the holistic progress of a nation. The measurement of considerable progress through the indicator/indicators is equally important. What if the selected indicator(s) are inappropriate? It can mislead...

We examine whether earnings announcement textual tone, aggregated across individual publicly traded firms, helps to predict future GDP growth. Prior literature shows changes in aggregate accounting earnings are useful in predicting future economic growth, but only when aggregate earnings changes...

Gross domestic product (GDP) is the key indicator of the health of an economy and can be easily compared across countries. But it has limitations. GDP tells what is going on today, but does not inform about sustainability of growth. The majority of time is spent in home production, yet the value...