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65-507: As 2012, this city is divided to 4 subdistricts and 14 towns. According to the official website of the Laiyang Municipal People's Government In 2022, Laiyang's GDP will be 51 billion yuan, an increase of 4.1% year-on-year at comparable prices. Among them, the added value of the primary industry was 6.458 billion yuan, up by 5.7 percent; the added value of the secondary industry was 21.517 billion yuan, up by 6.3 percent;

130-562: A Modern Whig , an attempt to counter the Whig party's push to dissolve the Tory party Parliament by "defending Tory views and exposing Whig motives." His Tom Double Returned out of the Country , also published 1701, explained all of Davenant's ideas on trade and public finance and the underlying reasoning behind them. His main concern was that the Whig party would restart the war with France and put

195-509: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way

260-810: A commercial treaty with France. There is some question whether the Law of Demand was developed by Gregory King and then used in some of Charles Davenant's writings or whether King and Davenant jointly developed the idea based on King's statistical work and published their theory in Davenant's pamphlets. King does not describe a formal definition of the law in his journal, which is the primary source of his writings, and Davenant does not seem to be an innovative thinker and often wrote pamphlets to promote ideas or policies that would be beneficial to his personal economic or political status; therefore, it seems likely Davenant extended King's work to prove his claims that borrowing to fund

325-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from

390-521: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if

455-650: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of

520-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in

585-448: A decrease of 0.5%. Among them, the permanent urban population is 427,800. The urbanization rate of permanent residents was 54.06%, an increase of 0.52% over the previous year. At the end of 2010, the total population of the city was 878,600, of which 151,900 were non-agricultural. This Shandong location article is a stub . You can help Misplaced Pages by expanding it . Gross domestic product Gross domestic product ( GDP )

650-522: A large amount of statistical data, they continued the theme from "New Dialogues upon the Present Posture of Affairs" that Holland benefitted from trade with France while Britain took on heavy debt during the war with France and that trade with France "was or could be advantageous to England." This coincided with Jonathan Swift 's Conduct of the Allies and provided the economic basis for peace and

715-657: A public office. In 1698 Davenant returned to Parliament as a representative of Great Bedwyn ; he became associated with the Tory party, which replaced the Whig Junto as the majority in Parliament. Davenant was linked to French agents in March 1701, and it was suspected, but not proved, that the French government tried to bribe him to promote their interests and to provide intelligence if England declared war on France. There

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780-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by

845-540: Is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund . The ratio of GDP to

910-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring

975-450: Is available for almost every country in the world, allowing inter-country comparisons. It is measured consistently in that the technical definition of GDP is relatively consistent among countries. GDP does not include several factors that influence the standard of living. In particular, it fails to account for: Charles Davenant Charles Davenant (1656 – 1714) was an English economist, Tory politician and pamphleteer who sat in

1040-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by

1105-474: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much

1170-423: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities

1235-413: Is evidence that a French agent recommended bribing Davenant, but there is no evidence that "a bribe was ever actually offered or accepted." The link with the French tarnished Davenant's public and political reputation. In 1702 Queen Anne assumed the throne. The Junto Pembroke Ministry was removed from power, and Davenant's friends—Godolphin, Nottingham , and Harley —were placed in positions of power in

1300-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors

1365-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within

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1430-453: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP

1495-698: The Coalition Ministry . In September 1702 Davenant was appointed to the Secretaryship of a commission to negotiate for the union of Scotland and England. In June 1703 he was appointed Inspector General of the Imports and Exports. Davenant visited Holland in Autumn 1705, to research wartime traffic with France. In 1710 Godolphin lost his office, which removed one of Davenant's supporters from power and threatened his position as Inspector General of

1560-617: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP

1625-559: The Parliament of England representing the parliamentary constituencies of St Ives and Great Bedwyn . He was born in London as the eldest son of Sir William Davenant , the poet. He was educated at Cheam grammar school and Balliol College, Oxford , but left the university without taking a degree. He became manager of his father's theatre. Having taken the degree of LL.D., he became a member of Doctors' Commons . In 1678 Davenant

1690-580: The Constitution and Management of Trade to Africa , in which he "reverted to his normal attitude of suspicion and outright hostility towards the Dutch." This pamphlet advocated renewing the Royal African Company 's monopoly on English trade with Africa on the basis that the Dutch competition "necessitated the maintenance of forts, which only a joint-stock company could afford." Waddell states that there had been close collaboration between

1755-660: The Excise, and his loan to James II was nullified. In 1692 he applied for Controller of the Excise, with Godolphin 's support, but did not get the position. He applied again in 1694 and again failed to get the position, probably due to objections by Charles Montagu , the Chancellor of the Exchequer. In 1696 his friends in government, Shrewsbury and Godolphin, were under political attack. Godolphin resigned shortly afterward, and Davenant lost his main supporter for appointment to

1820-412: The Imports and Exports. Davenant wrote Sir Thomas Double at Court and New Dialogues upon the Present Posture of Affairs to make amends with the Tory party, which was likely to be returning to power. Sir Thomas Double at Court reversed Davenant's argument for moderation in his 1703 Essays upon Peace at Home and War Abroad ; and New Dialogues upon the Present Posture of Affairs repeated the attacks on

1885-525: The Lords Justices, was an argument against the majority party's proposal that England's coins should be devalued to pay for the war with France. In 1696 he published A Memorial Concerning a Council of Trade , which promoted his idea that trade should be protected, and A Memorial Concerning Credit and the Means and Methods whereby it may be Restored , generally viewed as an attempt to curry favour with

1950-410: The Tory party because it was in opposition to the policies the party was pushing at the time. Before 1702, he was the leading promoter of party ideas. With this essay, he was falling out of favour and gaining a reputation for promoting whatever idea benefits him the most personally. In 1704 Davenant proposed compiling trade numbers for the previous 25 years. The cost of clerks to do the actual tabulation

2015-534: The Trade of England part 2, which described "in a more sustained and complete form the idea of the 'general' balance of trade." There is a likely possibility that this pamphlet was also intended to keep his name before the officials of the East India Company as someone who was sympathetic to their business because he was trying to get them to hire him as an agent. In early 1699 he published An Essay on

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2080-516: The War in 1695 that "export surplus was the best way to finance the war" as opposed to taking on long-term debt and increasing taxes on landowners. In 1696, Davenant wrote Essay on the East-India Trade , which continued the argument that imports should not be restricted because England was a net exporter of the goods imported from India. The restriction of imports would prevent re-exporting

2145-595: The Ways and Means of supplying the War , "a reasoned criticism of the methods used to finance the war with France which England had been waging since 1689. It attacked long-term borrowing as detrimental to trade, and land taxation as inequitable, because of its uneven incidence across the country." In November 1695 he wrote and read Memorial Concerning the Coyn of England to the Privy Council . This work, commissioned by

2210-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,

2275-414: The added value of the tertiary industry was 23.025 billion yuan, up by 1.7 percent. The structure of the three industries was adjusted to 12.7: 42.2: 45.1. In 2023, Laiyang's GDP will be 51.439 billion yuan, a year-on-year increase of 5.2% at constant prices. By industry, the added value of the primary industry was 6.596 billion yuan, up by 5.3 percent year-on-year; the added value of the secondary industry

2340-473: The arguments of the protectionists with further applications of the balance of trade concept." In 1697 he published Discourses on the Publick Revenues and on the Trade of England , part 1, which contained strong objections to long-term borrowing as a way to fund government expenditures and advocated paying back the debt incurred during the war as soon as possible. The basis for Davenant's argument

2405-441: The company and Davenant and that he may have been compensated for writing it. He did go to great lengths to publish the pamphlet anonymously, and was apparently in a difficult financial position; Waddell therefore suggests that this was a work-for-hire and not necessarily something which Davenant actually supported. In 1712 Davenant published two Reports to the … Commissioners for … Public Accounts . Although these reports contained

2470-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In

2535-502: The country further into debt, which would in turn require greater taxation of land owners. The land owners would be bankrupted, and the people who had made money off the war would be able to buy the land and usurp the political power of the gentry. His Essays upon Peace at Home and War Abroad , published November 1703, "promoted 'moderation' and the anti-party attitude favoured by the Queen and Harley." This pamphlet angered his friends in

2600-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP

2665-412: The goods to the rest of Europe, and that would decrease the total income of the government. He also expressed a great dislike and distrust of the Dutch government for most of his life, and feared that if Britain did not supply Indian imports the Dutch would supply Europe instead. He did seem to be the first to understand the basic concepts of consumer demand and perfect competition, even though bias against

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2730-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income

2795-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by

2860-684: The international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP is often used as a metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as

2925-477: The methods of financing public spending that he had been stating since 1689. He also reversed his stance from Memorial Concerning the Free Trade now Tolerated between France and Holland and argued that the Dutch were benefitting from trade with France while "Britain bore the burden of the war." Davenant died in 1714 in London. At the age of nineteen he composed a tragedy, Circe . As an economist, Davenant

2990-467: The party in power to gain a post in the Excise department. In October 1696 he published Essay on Publick Virtue , a diatribe against the ruling Whig Junto . In 1696, also, he published Essay on the East India Trade in which he "opposed the protection of English Textiles against Indian competition on the grounds that commerce with East India improved Britain's balance of trade, and he refuted

3055-463: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from

3120-600: The practice of the king and queen of England granting "forfeited Irish Estates" to friends and political allies of the Junto party. Davenant's writings begin to shift away from purely economic discussions to political commentary designed to curry favour with the ruling party to secure employment. In 1701 he published Essays upon I The Balance of Power II The Right of Making War, Peace, and Alliances III Universal Monarchy , "a highly partisan attack on William III's foreign policy." In August 1701 Davenant published The True Picture of

3185-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to

3250-473: The probable Methods of making a People Gainers in the Balance of Trade . It quoted Gregory King 's calculation of the value and size of the "natural resources of England." The last section contained an attack on the actions and policies of the Junto party and was more of a political rant than an exposition of economic ideas. At the end of 1699 he published A Discourse of Grants and Resumptions , which discussed

3315-512: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value

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3380-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as

3445-587: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020

3510-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of

3575-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference

3640-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within

3705-439: The total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on

3770-488: The war was bad for England's economy and that excise taxes were the appropriate way to fund the government. Davenant is also credited with being the first to discuss the concept of Balance of Trade as being an important part of the financial health of a country. The foundation of the idea is that importing more goods than were exported would create an outflow of currency. He proposed in An Essay on Ways and Means of Supplying

3835-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give

3900-400: Was 21.319 billion yuan, a year-on-year increase of 5.5%; the added value of the tertiary industry was 23.524 billion yuan, a year-on-year increase of 4.8%. The structure of the three industries was adjusted to 12.8: 41.5: 45.7. Famous enterprises: Longda Group, Luhua Group At the end of 2020, according to the seventh national census, the total permanent population of Laiyang City was 791,400,

3965-410: Was a strong supporter of the mercantile theory , and in his economic pamphlets (as distinct from his political writings) he takes up an eclectic position, recommending governmental restrictions on colonial commerce, but freedom of exchange at home. Of his writings, a complete edition of which was published in London in 1771, the following are the more important: In late 1694 he published An Essay on

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4030-491: Was appointed Commissioner of the Excise , earning £500 per year (equivalent to £98,000 in 2023); taxes were collected using the "farming system". In 1683 when Britain ended the tax farming system, Davenant received £1000 per year as Commissioner. In 1685 he was elected to Parliament as M.P. for St Ives . However, the revolution of 1688 saw James II exiled to France and William of Orange installed as king by Parliament . In 1689 Davenant lost his position as Commissioner of

4095-493: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by

4160-425: Was that "high taxation for debt service was a burden on trade, industry, and land." Davenant still believed that land tax was unfair because it placed the heaviest burden of generating public income on the landed gentry, and that the long-term result would be that the gentry would be forced to sell their land to "monied men and usurers" to pay the taxes. In 1698 he published Discourses on the Publick Revenues and on

4225-454: Was the primary reason for denial of his request. He wrote, but did not publish, Memorial Concerning the Free Trade now Tolerated between France and Holland . The goal was to find support for the current policy of permitting trade between France and Holland. Davenant displayed a favourable opinion of the Dutch in this pamphlet, which contrasts with the position taken in nearly all his other pamphlets. In 1709 Davenant published Reflections upon

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