Difference between revisions of "Gross National Product"
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''See also:'' [[Size of a working age population in a country and its correlation with national GNP in advanced economies]] | ''See also:'' [[Size of a working age population in a country and its correlation with national GNP in advanced economies]] | ||
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| + | The abstract for the 2023 academic paper ''The Wealth of Working Nations'' published by Department of [[Economics]], University of Pennsylvania by Jesus Fernandez-Villaverde, Gustavo Ventura, and Wen Yao indicates: | ||
| + | {{Cquote|Due to population aging, GDP growth per capita and GDP growth per working-age adult have become quite different among many advanced economies over the last several decades. Countries whose GDP growth per capita performance has been lackluster, like Japan, have done surprisingly well in terms of GDP growth per working-age adult. Indeed, from 1998 to 2019, Japan has grown slightly faster than the U.S. in terms of per working-age adult: an accumulated 31.9% vs. 29.5%. Furthermore, many advanced economies appear to be on parallel balanced growth trajectories in terms of working-age adults despite important differences in levels. Motivated by this observation, we calibrate a standard neoclassical growth model in which the growth of the working-age adult population varies in line with the data for each economy. Despite the underlying demographic differences, the calibrated model tracks output per working-age adult in most economies of our sample. Our results imply that the growth behavior of mature, aging economies is not puzzling from a theoretical perspective.<ref>[https://www.sas.upenn.edu/~jesusfv/Wealth_Working_Nations.pdf ''The Wealth of Working Nations''] by Jesus Fernandez-Villaverde, Gustavo Ventura, and Wen Yao, Department of Economics, University of Pennsylvania, 2023</ref>}} | ||
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| + | [[File:National GDP levels and working age levels and national GDP.jpg|center|1000px]] | ||
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| + | [[File:National GDP levels and working age levels and national GDP 2.jpg|center|1000px]] | ||
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== See also == | == See also == | ||
Revision as of 08:03, November 25, 2023
The per capita GNP, or Gross National Product, is the total value of all the goods and services produced by a country in one year, divided by the population. It is usually expressed in US dollars. The average per capita GNP (as of 2006) in developed countries with high-income economies, e.g. the United Kingdom, is about $23500. In developing countries with middle-income economies it is $2500. In developing countries with low-income economies, it is less than $400.
Growth of the gross national product (GNP) of the United States
Chart of the growth of U.S. GNP from January 1947 to January 2023 measured in fiat dollars.
Size of a working age population in a country and its correlation with national GNP in advanced economies
The abstract for the 2023 academic paper The Wealth of Working Nations published by Department of Economics, University of Pennsylvania by Jesus Fernandez-Villaverde, Gustavo Ventura, and Wen Yao indicates:
| “ | Due to population aging, GDP growth per capita and GDP growth per working-age adult have become quite different among many advanced economies over the last several decades. Countries whose GDP growth per capita performance has been lackluster, like Japan, have done surprisingly well in terms of GDP growth per working-age adult. Indeed, from 1998 to 2019, Japan has grown slightly faster than the U.S. in terms of per working-age adult: an accumulated 31.9% vs. 29.5%. Furthermore, many advanced economies appear to be on parallel balanced growth trajectories in terms of working-age adults despite important differences in levels. Motivated by this observation, we calibrate a standard neoclassical growth model in which the growth of the working-age adult population varies in line with the data for each economy. Despite the underlying demographic differences, the calibrated model tracks output per working-age adult in most economies of our sample. Our results imply that the growth behavior of mature, aging economies is not puzzling from a theoretical perspective.[1] | ” |
See also
- ↑ The Wealth of Working Nations by Jesus Fernandez-Villaverde, Gustavo Ventura, and Wen Yao, Department of Economics, University of Pennsylvania, 2023