How should we measure changes in an economy's standard of living, or compare living standards across countries? Typically, economists use GDP per capita as a proxy for a country's standard of living, ...

There's one statistic that rules them all when it comes to keeping track of the economy: gross domestic product (GDP). It's the sum of all final... Can we just change how we measure GDP? There's one ...

Paul Allin is a member of the UK National Statistician's Expert User Advisory Committee and he is the Royal Statistical Society's Honorary Officer for National Statistics. Views expressed in this ...

The difference between nominal GDP and real GDP highlights the importance of understanding inflation. Inflation erodes the purchasing power of money and distorts economic statistics. By adjusting for ...

WHICH would you prefer to be: a medieval monarch or a modern office-worker? The king has armies of servants. He wears the finest silks and eats the richest foods. But he is also a martyr to toothache.

A senior Labour shadow minister has suggested that the party could adopt a radically different approach to measuring the health of the economy, amid growing pressure worldwide to ditch GDP as a ...

A very slightly odd suggestion in Malaysia that the country's economy should be measured in US dollars--something the minister responsible has rightly pointed out isn't quite right. Except, of course, ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Gross national product (GNP) is a slightly ...