Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
But at least Nominal GDP is a well-defined concept, in principle, even if it is hard to quantify.

For the thermodynamics buffs, this makes Nominal GDP Growth an exact differential, but Real GDP Growth and Inflation are inexact differentials. This means Nominal GDP is a "state variable" and path-independent, but Real GDP and the GDP Deflator are path-dependent and not state variables.

We have met the enemy, and it is us — Pogo

by Migeru (migeru at eurotrib dot com) on Thu Oct 11th, 2007 at 07:02:04 AM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

A Tale of two Budgets

by Frank Schnittger - Oct 3
18 comments

Sweden falls to the Nazis

by IdiotSavant - Sep 15
16 comments

Focus on Josep

by Oui - Sep 24
36 comments

Occasional Series