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Based on the Q3 2017 data above, consumer spending accounts for 69.1%, or more than two thirds of the economy; government represents 17.3%; and business comes in a poor third at less than 16.5%. GO represents the top line (total revenues/sales at all stages) in national income accounting, and GDP is the bottom line (sales of final products only). As we shall see below, business is the real driver of economic growth.What does GO tell us? Many analysts view GO as a more comprehensive way to analyze the economy and the business cycle. "I-O data created the first estimates of gross output. As of first-quarter 2019, the Bureau of Economic Analysis estimated gross output in the United States to be $37.2 trillion, compared to $21.1 trillion for GDP. Many analysts view GO as a more comprehensive way to analyze the economy and the business cycle.
D. final output. Would you like Wikipedia to always look as professional and up-to-date? GO is an attempt to measure the “make” economy; i.e., total economic activity at all stages of production, similar to the “top line” (revenues/sales) of a financial accounting statement. As Diane Coyle states in her book “Total output (GDP) is the sum of everything spent by consumers on consumption goods (C), plus everything spent by business when investing in capital goods (I), plus everything spent by government in buying whatever it is that governments buy (G).”Ignoring for now the foreign trade sector (exports and imports), this brings us to the standard textbook formula for GDP (Y):Notice that this definition leaves out a critical component of spending by business: financing the production process, the supply chain, or the goods-in-process from the resource stage to finished goods and services.I’ve created the following four-stage model of the economy to demonstrate what is included and what is not included in GDP. They include Skousen has also criticized the BEA's measure of gross output for failing to include measure the total gross sales at the wholesale and retail level, amounting to more than $7.6 trillion of business spending (B2B) in 2014. Using the GDP model, consumers are the biggest players in the economy. Gross output (GO) and GDP both measure. In economics, gross output (GO) is the measure of total economic activity in the production of new goods and services in an accounting period.It is a much broader measure of the economy than gross domestic product (GDP), which is limited mainly to final output (finished goods and services). As we shall see, the value of the supply chain in the United States alone exceeded $21 trillion dollars in 2015. The percentages for these three line items add up to more than 100 because the net exports account for -2.9%Using GDP as “the” indicator of economic performance, the financial media constantly focuses on consumer spending as the driver of economic growth, with such frequent statements as:“Consumer spending is the lifeblood of the U. S. economy…” “Household spending generates more than two-thirds of total economic output, so sturdy [consumer] spending gains should translate into economic growth.” – “Spending Rises, Inflation Stays Low,” “Consumer spending makes up more than 70% of the economy, and it usually drives growth during economic recoveries.” — “Consumers Give Boost to Economy,” These examples demonstrate how the media depends on GDP as a summary statistic for the economy. Both are required in a complete system of accounts.” – Dale Jorgenson, Steve Landefeld and William Nordhaus A New Architecture for the U. S. National Accounts (2006) Chicago University […] GDP rose 4.6% in real terms to $17,328.2 billion in the second quarter. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. Thus, GDP can be compared to “gross profit” rather than “net income” in a corporate financial statement. In finance, it launched the efficient market theory of investing and modern portfolio theory. He focused on gross output-by-industry, i.e., the inner-workings between industries, not the aggregate GO. It is now being added to major economics textbooks, and more of the financial media is covering it on a quarterly basis.In the recent past, the economics profession has become an imperial science, invading political science, sociology, history, religion, and even sports. For example, from the trough of the 2009 recession until the 1The data indicates a systematic trend in the relationship between GO and GDP over the length of the business cycle. net exports. However, Leontief did not emphasize GO as an important macroeconomic tool. They focused solely on the “bottom line” — the end product of GDP has been criticized on a number of counts, but from an accountant’s point of view, it has a major drawback. The BEA began publishing GO data on an annual basis in the early 1990s, and was not updated on a quarterly basis until 2014. When we add in the value of the supply chain (II in the equation below), we get a very different picture.Third, GO tends to be more volatile than GDP and better reflects the ups and downs of the business cycle.
(I thank David Colander at Middlebury College for making this point.
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