Limitations of real GDP
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Intros
Lessons
- Household Production & Underground Activity
- Cooking, Cleaning, Taking Care of Kids
- Not Included in GDP
- GDP Underestimation of Total Production
- Either Illegal, or to Avoid Taxes/Regulations
- Range from 10-30% of GDP (not calculated)
- Life Expectancy & Leisure Time
- Growth of Potential GDP
- Fluctuation of Real GDP
- Business Cycle
- Environment and Politics
- Market Exchange
- Comparison of GDP across countries
- Purchase Power Parity
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