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Penn World Tables
The Penn World Table (PWT) is a set of national-accounts data developed and maintained by scholars at the University of California, Davis and thGroningen Growth Development Centreof the University of Groningen to measure real GDP across countries and over time. Successive updates have added countries (currently 183), years (1950-2019), and data on capital, productivity, employment and population. The current version of the database, version 10, thus allows for comparisons of relative GDP per capita, as a measure of standard of living, the productive capacity of economies and their productivity level. Compared to other databases, such as the World Bank's World Development Indicators, the time period covered is larger and there is more data that is useful for comparing productivity across countries and over time. A common practice for comparing GDPs across countries has been to use exchange rates. However, this assumes that this relative price – based on traded products – is repr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Accounts
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting Scientific technique, techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though they each measure different characteristics, for example production and the income from it. As a methodology, method, the subject is termed national accounting or, more generally, social accounting.Nancy D. Ruggles, 1987. "social accounting," ''The New Palgrave: A Dictionary of Economics'', v. 4, pp. 377–82. Stated otherwise, national accounts as ''systems'' may be distinguished from the economic data associated with those systems. While sharing many common principles with business accounting, national accounts are based on economic concepts. One conceptual construct for representing flows of all economic transacti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchasing Power Parity
Purchasing power parity (PPP) is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currency, currencies. PPP is effectively the ratio of the price of a market basket at one location divided by the price of the basket of goods at a different location. The PPP inflation and exchange rate may differ from the Exchange rate, market exchange rate because of tariffs, and other transaction costs. The purchasing power parity indicator can be used to compare economies regarding their gross domestic product (GDP), labour productivity and actual individual consumption, and in some cases to analyse price convergence and to compare the cost of living between places. The calculation of the PPP, according to the OECD, is made through a ''basket of goods'' that contains a "final product list [that] covers around 3,000 consumer goods and services, 30 occupations in government, 200 types of equipment goods and about ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Accounts
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting Scientific technique, techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though they each measure different characteristics, for example production and the income from it. As a methodology, method, the subject is termed national accounting or, more generally, social accounting.Nancy D. Ruggles, 1987. "social accounting," ''The New Palgrave: A Dictionary of Economics'', v. 4, pp. 377–82. Stated otherwise, national accounts as ''systems'' may be distinguished from the economic data associated with those systems. While sharing many common principles with business accounting, national accounts are based on economic concepts. One conceptual construct for representing flows of all economic transacti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simon Johnson (economist)
Simon H. Johnson (born January 16, 1963) is a British-American economist who has served as the Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management since 2004.https://mitsloan.mit.edu/shared/ods/documents?PersonID=41226&DocID=11324 He also served as a senior fellow at the Peterson Institute for International Economics from 2008 to 2019. Before moving to MIT, he taught at Duke University's Fuqua School of Business from 1991 to 1997. From March 2007 through the end of August 2008, he served as Chief Economist of the International Monetary Fund. In 2024, Johnson, Daron Acemoglu, and James A. Robinson were awarded the Nobel Memorial Prize in Economic Sciences for their comparative studies in prosperity between nations. Education Born in 1963 in Sheffield, Johnson was privately educated at Abbotsholme School in Rocester and then went onto read Philosophy, Politics and Economics (PPE) at the University of Oxford where he was an undergraduate studen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maddison Project
The Maddison Project, also known as the Maddison Historical Statistics Project, is a project to collate historical economic statistics, such as GDP, GDP per capita, and labor productivity. It was launched in March 2010 to continue the work of the late economic historian Angus Maddison. The project is under the Groningen Growth and Development Centre at the University of Groningen, which also hosts the Penn World Table, another economic statistics project. Reception Development economist Branko Milanović (writing for the World Bank), development economist Morten Jerven, and billionaire philanthropist Bill Gates have identified the Maddison Project, the Penn World Tables, and World Bank/IMF data (the World Development Indicators), as the three main sources of worldwide economic statistics such as GDP data, with the focus of the Maddison Project being on historical data. Economist Paul Krugman has suggested the Maddison Project as a data source for historical debt, growth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Countries By GDP (PPP) Per Capita
A country's gross domestic product (GDP) at purchasing power parity (PPP) per capita is the PPP value of all final goods and services produced within an economy in a given year, divided by the average (or mid-year) population for the same year. This is similar to nominal GDP per capita but adjusted for the cost of living in each country. In 2023, the estimated average GDP per capita (PPP) of all of the countries was Int$22,452. For rankings regarding wealth, see list of countries by wealth per adult. Method The gross domestic product (GDP) per capita figures on this page are derived from PPP calculations. Such calculations are prepared by various organizations, including the IMF and the World Bank. As estimates and assumptions have to be made, the results produced by different organizations for the same country are not hard facts and tend to differ, sometimes substantially, so they should be used with caution. Comparisons of national wealth are frequently made based on ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alan Heston
Alan W. Heston (October 18, 1934 – October 26, 2024) was an American economist best known for his collaborative work with fellow economist Robert Summers and the development of the Penn World Table (PWT). Education and early life Heston was born in 1934, and raised in Portland, Oregon. In 1955, he received his B.A. in economics from the University of Oregon. He received his M.A. in economics from the University of Washington in 1957. In 1962, he received his Ph.D. in economics from Yale University, where he studied under James Tobin, the winner of the 1981 Nobel Memorial Prize in Economic Sciences. Academic career Heston was a professor emeritus in the Department of Economics at the University of Pennsylvania, where he taught from 1962. Prior to teaching at the University of Pennsylvania, Heston was an assistant professor at Yale University. Heston co-directed (with Robert Summers) the University of Pennsylvania's Center for International Comparisons (CIC). The precursor to CI ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irving Kravis
Irving B. Kravis (1917 – January 3, 1992) was an American economist, best known for his work on international price comparisons, leading to the first version of the Penn World Table. Early life and education Kravis was born in 1917. He obtained his undergraduate and graduate degrees at the University of Pennsylvania. There, he was a student of Simon Kuznets, whose interest in national income accounting was influential to Kravis's areas of research. Kravis would also follow Kuznets in associating with the National Bureau of Economic Research. Career Military service Kravis served the United States in World War II as a first lieutenant in China with the Flying Tigers, for which he received a Bronze Star. Academic career at the University of Pennsylvania After the war, Kravis returned to the University of Pennsylvania to become a faculty member. He served as chairman of the economics department from 1955 to 1958 and again from 1962 to 1967. He also served as associate dean ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Summers (economist)
Robert Summers (June 22, 1922 – April 17, 2012) was an American economist and professor at the University of Pennsylvania, where he taught from 1960. A widely cited early work by Summers is on the small-sample statistical properties of alternate regression estimators where analytical measures are unavailable. Summers received his Ph.D. from Stanford University. He was part of a team at Penn that developed estimates of national income and output across countries which adjust GDP and components for purchasing power parity in the cost of goods and services among different countries, later termed the Penn World Table. This yielded large, systematic differences from the common method of using only international exchange rates to convert national products to a common currency. For that work, Summers and Alan Heston were recognized as American Economic Association Distinguished Fellows for 1998. Prior to joining the Penn faculty, Summers was on the faculty at Yale University. Robe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penn Effect
The Penn effect is the economic finding that commodity prices are higher in countries with higher income. This is often interpreted to mean that real income ratios between high and low income countries are misrepresented by gross domestic product (GDP) conversion at market exchange rates. It is associated with what became the Penn World Table, and it has been a consistent econometric result since at least the 1950s. However, the "Penn effect", even as Samuelson used it, refers to the general observation: there is correlation between higher price levels and higher per capita income. The Balassa-Samuelson effect model arises from a project to confirm the result and explicate the cause within the neoclassical framework. History Classical economics made simple predictions about exchange rates; it was said that a basket of goods would cost roughly the same amount everywhere in the world, when paid for in some common currency (like gold) 1. This is called the purchasing power parity ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Comparison Program
The International Comparison Program (shortened ICP) is a partnership of various statistical administrations of up to 199 countries guided by the World Bank. The main partners of this program are the World Bank, IMF, UN, ADB, OECD, CISSTAT, Eurostat, AfDB ESCWA, ECLAC, DFID, ABS, IDB, NMoFA who are also all part of the executive board. The Program produces internationally comparable price and volume measures for gross domestic product ( GDP). Its component expenditures are based on purchasing power parities ( PPPs). The International Comparison Program holds surveys collecting price and expenditure data for the entire range of final goods and services at intervals of some few years (the last two were separated by six years). The surveys cover GDPs of countries including their consumer goods, services, government services and capital goods. The ICP tries to make different countries GDPs comparable by calculating them in PPP both currency converters and spatial price deflato ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |