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Gross Domestic Product

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Definition Edit

Gross Domestic Product (GDP) is

[t]he value of all final goods and services produced within the borders of a country such as the United States in a given period, whether produced by residents or nonresidents. The components of GDP are personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. That value is conceptually equal to the sum of incomes generated within the borders of the country in the same time period.[1]

Overview Edit

"GDP does not do a good job of measuring the value of many digital goods. When society can't manage what isn't measured, bad policy decisions result. One alternative is to look at consumer surplus, not just dollar flows. As AI is embodied in more goods, this issue becomes more salient. It may look like GDP goes down but people have better well-being through access to these digital goods."[2]

References Edit

  1. A Glossary of Terms Used in the Federal Budget Process, at 58.
  2. One Hundred Year Study on Artificial Intelligence, at 39 n.114.

See also Edit

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