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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
The legislation states that the federal government has a responsibility to assist industry, especially small business, as it voluntarily converts to the metric system of measurement. The legislation required most federal agencies to use the metric system in their procurement, grants, and other business-related activities by the end of 1992. [26]
Goodhart's law is an adage often stated as, "When a measure becomes a target, it ceases to be a good measure". [1] It is named after British economist Charles Goodhart, who is credited with expressing the core idea of the adage in a 1975 article on monetary policy in the United Kingdom: [2]
Under the décret impérial du 12 février 1812 (imperial decree of 12 February 1812), a new system of measure – the mesures usuelles ("customary measures") was introduced for use in small retail businesses – all government, legal and similar works still had to use the metric system and the metric system continued to be taught at all levels ...
The British imperial system uses a stone of 14 lb, a long hundredweight of 112 lb and a long ton of 2,240 lb. The stone is not a measurement of weight used in the US. The US customary system uses the short hundredweight of 100 lb and short ton of 2,000 lb. Where these systems most notably differ is in their units of volume.
A physical measure can measure the quantity of a variable with unchanged quality. Using a physical measure provides that the quality of the measurement object has been specified and the quality remains homogeneous. If the presumed unchanged quality is not realized, the measurement gives results which are hard to interpret.
The original motivation for the development of national accounts and the systematic measurement of employment was the need for accurate measures of aggregate economic activity. This was made more pressing by the Great Depression and as a basis for Keynesian macroeconomic stabilisation policy and wartime economic planning.
GDP and other macro-economic indicators - provided by the System of National Accounts (SNA). Enlarged GDP measures - include costs such as expense of environmental degradation, resource depletion or higher income inequality. They provide a more accurate indication of a country's actual economic, environmental and social performance.