Real GDP and nominal GDP

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Real GDP and nominal GDP발음듣기

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lets say were studying a simple and oversimplified country that only sells, only sells apples and we measure the GDP in year one and we measure that gap as 1000 dollars.발음듣기

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And all of that is due to apples.발음듣기

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And we also know the price of apples in year 1 were 50 cents a pound.발음듣기

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So I'll write it as 50 cents per pound and lets say now that year 1 has gone by and now even year 2 has gone by and were able to measure the GDP in year 2.발음듣기

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So GDP in year 2 is 1200 dollars and the price of apples in year two, lets just say it is 55 cents a pound, 55 cents a pound.발음듣기

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So my question to you is GDP; the whole point of measuring gap is measuring the productivity of a country.발음듣기

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Were measuring in terms of dollars, but we care more about the dollar amount and if this country was more productive and if it was more productive how much more productive was it.발음듣기

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And if we look at these GDP numbers right over here this 1000 dollars vs this 1200. It gives you the sense that well at least if you just look at the numbers. 1200 is 20% larger than 1000 dollars.발음듣기

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So if you just look at those numbers, it looks like the gap grew by 20%. So is that an accurate representation of the productivity of this country?발음듣기

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Did it actually produce 20 percent more goods and a big clue is looking at this price here, be some of this GDP actually might have just increased due to price.발음듣기

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But that doesn't make the country more productive.발음듣기

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The extra quantity that the country produces, is actually what adds to the total productivity.발음듣기

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One way to think about it, let me draw a little diagram here.발음듣기

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On this axis we will have quantity and this axis I will do price.발음듣기

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So in year one, if we want to find the gap in year 1 I would have the price of apples in year one.발음듣기

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That's the only good or service times the quantity of apples in year one and then this right over here.발음듣기

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The area of this green rectangle would be GDP in year 1.발음듣기

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GDP in year 1 and then GDP in year 2 would be the price in year 2, so were gonna go from 50 cents to 55 cents. The price in year two timest the quantity in year two.발음듣기

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We'll assume some growth has occurred.발음듣기

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Times the quantity in year two.발음듣기

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So GDP in year 2 would be the area of this entire rectangle.발음듣기

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So if we want to find the difference between year 2 and year 1, it would be the difference in area.발음듣기

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So it would be what I am shading in in blue right here.발음듣기

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And based on the numbers we went over right over here, the area that I'm shading in right is blue.발음듣기

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So the difference between GDP in year 2 and year 1 would be this 200 increment.발음듣기

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So this area right over here would be that 200.발음듣기

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Now when you look at over here you see that that 200 some of it is due to an increase in quantity some of it is due to an increase in quantity but a lot of it is due to increase in price.발음듣기

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So if we really wanted to figure out how much more productive the country got, and we still want to measure GDP in dollars, maybe we can take a measure of GDP that measures year two's GDP but doesn't in year one's prices.발음듣기

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So if we could some how multiply if we could multiply year two's quantity by year one's prices than we would get this rectangle right over here.발음듣기

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And then the difference between that and year one would give us the incremental GDP in year one prices due to quantity and that's what we care about.발음듣기

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We care about total productivity.발음듣기

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We want to say how much more productive did the country get.발음듣기

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So lets try to do it with these numbers.발음듣기

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So we can figure out quantity in year two just by dividing the GDP by the price.발음듣기

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Just by dividing this area of the entire blue rectangle and diving it by the price that would give us the quantity.발음듣기

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If we divide 1200 by 55 cents, get my calculator out.발음듣기

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So if I do 1200 divided by 55 cents this is my quantity of apples in pounds in year two. 2182. So this quantity is 2182 lbs in year 2. And then I could multiply this by the price.발음듣기

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So this is the quantity and we could multiply it by the price in year one.발음듣기

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So the price in year one is 50 cents a pound.발음듣기

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So this will give me, 1091. And this is an interesting number.발음듣기

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So you could do this as year two's GDP in year or ill write adjusted for price increases. or you could say in year one prices.발음듣기

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And what's useful about this is this has look if prices had remained contestant this is what our GDP would have gotten too.발음듣기

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If prices did not increased our GDP would have gotten to this 1091. 1091 is this area I drew in pink here.발음듣기

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And so now if you could say prices were held constant, the growth in GDP would've been 91 dollars not 200 dollars.발음듣기

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So this area right over here.발음듣기

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The actual growth if prices were held constant would've been 91 dollars.발음듣기

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We would've gone from 1000 in gap to 1091 dollars.발음듣기

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So this area right over here is 91 dollars.발음듣기

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And we can call this area real growth.발음듣기

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It really measures the productivity.발음듣기

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Now this really gives an interesting, I guess set of ideas.발음듣기

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One set of ideas is to measure GDP in the current years dollars.발음듣기

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So this was measured in the year two dollars, year two prices.발음듣기

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So we could call that year two's nominal GDP.발음듣기

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Nominal gap.발음듣기

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Nominal in name.발음듣기

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So its GDP in name.발음듣기

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In that years prices, but this right over where we measured year two's GDP in some base years prices.발음듣기

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So it allows a real comparison of how much our productivity actually increases.발음듣기

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Our actual productivity actually produced at 9, 9 percent more apples.발음듣기

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This we call real GDP. Real GDP, because it gives you a measure of real productivity.발음듣기

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It tries to take out real price increase and we see in the future that in practice its kind of hard to really measure what the absolute, this was a simple economy where we only had one product.발음듣기

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But if we had many many products actually gazillions of products in the real economy, prices are adjusting and the quantities are adjusting.발음듣기

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It's not so easy to figure out how to adjust for price.발음듣기

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But the folks running the national income accounts do try to do this so they get a sense of how much was the actual real growth.발음듣기

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