Gross Domestic Product as a Modern-day Economic Indicator
Tjukanov, Topi (2011)
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Lataukset:
Tjukanov, Topi
Metropolia Ammattikorkeakoulu
2011
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2011121217979
https://urn.fi/URN:NBN:fi:amk-2011121217979
Tiivistelmä
The purpose of this thesis was to analyze the relevance of Gross Domestic Product (GDP) as an indicator for economic performance and a tool for economic policy-making.
The most important source of information was the extensive literature in this field and primary research which has been done on the topic. An interview with a specialist in this research topic was also conducted to get additional information on the areas which were somehow not addressed by the literature.
GDP information is firmly established in our society and it is used in comparison of the living-standards between different countries, although the indicator was not originally developed for this purpose. Also the use of GDP as a goal for economic policy is not consistent with sustainable development.
In the future, due to a transition from production based economy to service-based economy, the GDP is becoming less relevant. Therefore new ways of measurement have been looked into, to replace the GDP. None of the new indicators are completely ready to be taken in to use as they hold many similar shortcomings as the GDP, but there is interest to conduct further research.
The most important source of information was the extensive literature in this field and primary research which has been done on the topic. An interview with a specialist in this research topic was also conducted to get additional information on the areas which were somehow not addressed by the literature.
GDP information is firmly established in our society and it is used in comparison of the living-standards between different countries, although the indicator was not originally developed for this purpose. Also the use of GDP as a goal for economic policy is not consistent with sustainable development.
In the future, due to a transition from production based economy to service-based economy, the GDP is becoming less relevant. Therefore new ways of measurement have been looked into, to replace the GDP. None of the new indicators are completely ready to be taken in to use as they hold many similar shortcomings as the GDP, but there is interest to conduct further research.