ECON1007 MACROECONOMICS

WRITTEN ESSAY

TOPIC=GROSS DOMESTIC PRODUCT

1250 WORD

**PLS PROVIDED DIAGRAMS**

(ii) define GDP, and how it is used. Be sure you explain the difference between nominal and real GDP, and aggregate and per capita GDP.

van den Bergh's paper is divided into several sections. Once you have read the whole paper (at least once) select one of the following sections to complete part (iii): (2) Shortcomings of the GDP indicator. (5) Does GDP convey any useful information?

(6) Evaluating alternatives to the GDP indicator

(7) Policy implications of ignoring GDP

(iii) Select one section of the paper listed above, and undertaking your own research, discuss in more detail both sides of the issues you have selected.