Economic output - Revision history

Albert at 23:38, 19 January 2018

2018-01-19T23:38:03Z

John P: /* Types of economic output */

2013-10-28T12:46:51Z

Types of economic output

John P: /* Types of economic output */

2013-10-28T12:46:21Z

Types of economic output

John P: /* Types of economic output */

2013-10-28T12:44:56Z

Types of economic output

John P: /* Types of economic output */

2013-10-28T12:44:34Z

Types of economic output

John P at 12:43, 28 October 2013

2013-10-28T12:43:51Z

John P: /* Limitations of economic output measures */

2013-10-28T12:42:39Z

Limitations of economic output measures

John P at 12:41, 28 October 2013

2013-10-28T12:41:53Z

John P: /* Limitations of economic output measures */

2013-06-03T12:17:11Z

Limitations of economic output measures

John P: /* Relevance */

2013-05-28T09:31:02Z

Relevance

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 == Description ==
-Literally, economic output can be defined as "the productivity of a country or region measured by the value of goods and services produced"<ref>Wiktionary.org. Online: http://en.wiktionary.org/wiki/economic_output</ref>. Economic output, though, can also be regarded as the 'measurable' part of the [[is caused by::Economic impact|economic impact]] of an investment project or security threat, since the statistical and economic models used to measure the economic impact are based on simplified versions of the truth, and hence not perfectly capable to measure the complete economic impact<ref>A famous example is the problem of causality: Did the investment lead to an increase in economic activities or the other way around?</ref>.
+Literally, economic output can be defined as "the productivity of a country or region measured by the value of goods and services produced"<ref>Wiktionary.org. Online: http://en.wiktionary.org/wiki/economic_output</ref>. Economic output, though, can also be regarded as the 'measurable' part of the [[Economic impact|economic impact]] of an investment project or security threat, since the statistical and economic models used to measure the economic impact are based on simplified versions of the truth, and hence not perfectly capable to measure the complete economic impact<ref>A famous example is the problem of causality: Did the investment lead to an increase in economic activities or the other way around?</ref>.
 === Relevance ===
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 * The various measures of economic impact are overlapping<ref>An increase in business activity, for example, will generate income for its employees, profit for its owners and tax income for the public authorities. For this reason, the different measures cannot be added together to calculate the total economic impact. Source: Weisbrod, B. and G. Weisbrod (1997).</ref>.
 * The public income and expenditures are included as economic output while they could be considered to be "˜financial output".
-* Social impact "includes the valuation of changes in amenity or quality of life factors (such as health, safety, recreation, air or noise quality)"<ref name=Weisbrod></ref>. Some [[is a way to::Economic tools|economic tools]] (e.g., Social cost-benefit analysis|social cost-benefit analysis), however, still try to attempt to quantify these social impacts, but there are limits to quantify, for example, quality of life. Therefore, economic output measures are by definition different from the broader social impact measures.
+* Social impact "includes the valuation of changes in amenity or quality of life factors (such as health, safety, recreation, air or noise quality)"<ref name=Weisbrod></ref>. Some [[Economic tools|economic tools]] (e.g., Social cost-benefit analysis|social cost-benefit analysis), however, still try to attempt to quantify these social impacts, but there are limits to quantify, for example, quality of life. Therefore, economic output measures are by definition different from the broader social impact measures.
 ==Related subjects ==

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 [[File:EU GDP 2007.svg|thumb|EU GDP 2007]]
-* '''Gross Value Added''' is a type of economic output that measures the contribution to the economy of each individual producer, industry or sector<ref>Sources: Wikipedia, and the Office of National Statistics in the UK.</ref>. It reflects the sum of corporate profits, income due to work, etc. in a specified region. Even though Gross Value Added is widely regarded as the most appropriate measure of impact on overall economic activity in a geographical area, it should be noted that there is a risk of over-estimating the true economic impact due to the fact that this measure does not take account where the business owners and employees live.
+* '''Gross Value Added''' is a type of economic output that measures the contribution to the economy of each individual producer, industry or sector<ref>Sources: Wikipedia. Online: http://en.wikipedia.org/wiki/Gross_value_added, and the Office of National Statistics in the UK.</ref>. It reflects the sum of corporate profits, income due to work, etc. in a specified region. Even though Gross Value Added is widely regarded as the most appropriate measure of impact on overall economic activity in a geographical area, it should be noted that there is a risk of over-estimating the true economic impact due to the fact that this measure does not take account where the business owners and employees live.
 * '''Gross Domestic Product''' refers to the market value of all final goods and services produced within a region or country in a given period. The gross domestic product of a country is the sum of consumption<ref>Consumption is the value of goods and services bought by people. Consumption is most of the time the largest component.</ref>, investments, public expenditures and net export.

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 [[File:EU GDP 2007.svg|thumb|EU GDP 2007]]
-* '''Gross Value Added''' is a type of economic output that measures the contribution to the economy of each individual producer, industry or sector"<ref>Wikipedia, and the Office of National Statistics in the UK.</ref>. It reflects the sum of corporate profits, income due to work, etc. in a specified region. Even though Gross Value Added is widely regarded as the most appropriate measure of impact on overall economic activity in a geographical area, it should be noted that there is a risk of over-estimating the true economic impact due to the fact that this measure does not take account where the business owners and employees live.
+* '''Gross Value Added''' is a type of economic output that measures the contribution to the economy of each individual producer, industry or sector<ref>Sources: Wikipedia, and the Office of National Statistics in the UK.</ref>. It reflects the sum of corporate profits, income due to work, etc. in a specified region. Even though Gross Value Added is widely regarded as the most appropriate measure of impact on overall economic activity in a geographical area, it should be noted that there is a risk of over-estimating the true economic impact due to the fact that this measure does not take account where the business owners and employees live.
 * '''Gross Domestic Product''' refers to the market value of all final goods and services produced within a region or country in a given period. The gross domestic product of a country is the sum of consumption<ref>Consumption is the value of goods and services bought by people. Consumption is most of the time the largest component.</ref>, investments, public expenditures and net export.

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 * '''Public income''' is income generated by the public authorities and is a type of economic output. By far the most important form of public income are taxes. Other forms of public income are returns on investments in the private sector and the revenues of for example natural resources (gas, oil, gold, and so on).
-* '''Public expenditures''' is the value of goods and services bought by the public government and its articulations<ref>Economicwebinstitute; http://www.economicswebinstitute.org/glossary/pubexp.htm</ref> and is a type of economic output.
+* '''Public expenditures''' is the value of goods and services bought by the public government and its articulations<ref>Economicwebinstitute. Online: http://www.economicswebinstitute.org/glossary/pubexp.htm</ref> and is a type of economic output.
 ==Limitations of economic output measures==

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 * '''Household income''' (or aggregate personal income) is a type of economic output of the combined incomes of all people sharing a particular household or place of residence. "It includes every form of income e.g., salaries and wages, retirement income, near cash government transfers like food stamps, and investment gains"<ref>Wikipedia. Online: http://en.wikipedia.org/wiki/Household_income</ref>.Since household income as a output measure, does not include business profits and public income/expenditures, household income does not cover the whole economic impact of urban developments or security threats.
-* '''Wealth''' is a reflection of both the current income and possessions that have the potential to generate future income (such as real estate property). This is a broader definition than "monetary wealth", which is referring to anything that can be bought and sold on a market<ref>Business Dictionary http://www.businessdictionary.com/definition/wealth.html#ixzz1l2eiBWma</ref>.
+* '''Wealth''' is a reflection of both the current income and possessions that have the potential to generate future income (such as real estate property). This is a broader definition than "monetary wealth", which is referring to anything that can be bought and sold on a market<ref>Business Dictionary. Online: http://www.businessdictionary.com/definition/wealth.html#ixzz1l2eiBWma</ref>.
 * '''Business output''', as a type of economic output, refers to the volume of sales by a company. It reflects the sum of gross business revenue, including the costs of labour and materials, as well as the business profits (the net business income. Business output, as a output measure is broader than, for example, the total employment or household income, but does not distinguish between an economic activity that generates a higher or a lower value added like the Gross Value Added measure does.

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 === Relevance ===
-The models economists use to measure the impact of a spatial development project or security threats are based on the (measurable) effects of different types of economic output. Since these types of output are of essential value in the calculations and are not without limitations, it is relevant for the urban planner to gain insight in the different types of economic output used in order to be able to make well-balanced decisions when it comes to security threats, security measures and urban development projects in general.
+The models [http://www.decisio.nl/english-profile/?lang=en economists] use to measure the impact of a spatial development project or security threats are based on the (measurable) effects of different types of economic output. Since these types of output are of essential value in the calculations and are not without limitations, it is relevant for the urban planner to gain insight in the different types of economic output used in order to be able to make well-balanced decisions when it comes to security threats, security measures and urban development projects in general.
 == Types of economic output ==