37:
864:
852:
1079:
985:
curve. Likewise, if GDP persists below natural GDP, inflation might decelerate as suppliers lower prices in order to sell more products, utilizing their excess production-capacity.
1016:(the "natural rate of unemployment"). There is great disagreement among economists as to what these rates actually are, while the concept itself of NAIRU is rejected by
926:(potential output) that can be sustained over the long term. Actual output happens in real life while potential output shows the level that could be achieved.
981:
skills. Graphically, the expansion of output beyond the natural limit can be seen as a shift of production volume above the optimum quantity on the
894:
826:
1008:
Potential output has also been called the "natural gross domestic product." If the economy is said to be at a potential GDP level, the
1115:
1169:
997:
1174:
887:
1080:
Treasury Debt
Operations—An Analysis Integrating Social Fabric Matrix and Social Accounting Matrix Methodologies
920:
225:
487:
1092:
1039:
836:
56:
46:
880:
830:
360:
350:
1062:
240:
1017:
809:
547:
502:
355:
124:
68:
1146:
1129:
1111:
1038:
as to percentage changes in output associated with changes in the output gap and over time and in
562:
1179:
512:
320:
310:
270:
260:
167:
90:
1000:
for a society as a whole, reflecting its natural, technological, and institutional constraints.
923:
682:
527:
265:
205:
162:
109:
954:
816:
497:
472:
457:
315:
255:
235:
230:
1028:
567:
389:
340:
305:
245:
210:
114:
104:
51:
8:
1097:
793:
602:
424:
365:
290:
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250:
177:
85:
462:
821:
777:
582:
419:
414:
394:
345:
285:
275:
220:
215:
187:
182:
152:
20:
970:
966:
958:
712:
687:
597:
477:
434:
370:
335:
325:
157:
119:
75:
637:
993:
762:
707:
692:
677:
662:
592:
572:
552:
507:
380:
330:
300:
295:
642:
856:
767:
732:
697:
632:
557:
542:
429:
404:
399:
375:
147:
142:
1066:
934:
Natural (physical, etc) and institutional constraints impose limits to growth.
1043:
989:
942:
787:
772:
737:
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702:
672:
492:
409:
99:
95:
522:
1163:
1035:
752:
742:
717:
657:
652:
647:
627:
617:
587:
577:
482:
385:
1023:
The difference between potential output and actual output is referred to as
36:
1009:
982:
868:
782:
727:
622:
612:
607:
532:
80:
938:
757:
747:
537:
172:
978:
974:
962:
667:
467:
946:
908:
517:
448:
28:
1024:
937:
If actual GDP rises and stays above potential output, then, in a
950:
851:
1013:
1034:Potential output has also been studied in relation
1161:
888:
1046:in the economy relative to the output gap.
1027:; it may closely track lags in industrial
895:
881:
941:economy (i.e. in the absence of wage and
1151:The New Palgrave Dictionary of Economics
1134:The New Palgrave Dictionary of Economics
1116:The New Palgrave Dictionary of Economics
1003:
1162:
965:supply of workers and their time, of
929:
13:
919:") refers to the highest level of
14:
1191:
1067:The dreaded NAIRU is still about!
862:
850:
35:
1128:Crespo Cuaresma, JesĂşs (2008).
973:, along with the limits of our
137:Concepts, theory and techniques
1139:
1122:
1104:
1085:
1072:
1056:
917:natural gross domestic product
1:
998:production–possibility curve
7:
1147:"Trend/Cycle Decomposition"
1012:rate ostensibly equals the
10:
1196:
1145:Nelson, Charles R. (2008)
1110:Betancourt, Roger (2008).
1091:Clein, Matthew C. (2017) "
1078:Fullwiler, Scott (2010) "
961:. This is because of the
1170:Macroeconomic aggregates
1093:Debunking the NAIRU myth
1049:
125:JEL classification codes
311:Industrial organization
168:Computational economics
1175:Management cybernetics
924:gross domestic product
915:(also referred to as "
163:Experimental economics
1112:"Capital Utilization"
1025:output gap or GDP gap
1004:Resources utilization
955:factors of production
949:tends to increase as
1153:, Palgrave-Macmillan
1136:, Palgrave-Macmillan
1119:, Palgrave-Macmillan
1029:capacity utilization
988:Potential output in
390:Social choice theory
1098:The Financial Times
992:corresponds to one
857:Business portal
178:Operations research
158:National accounting
1101:, 19 January 2017
188:Industrial complex
183:Middle income trap
1063:Mitchell, William
971:natural resources
967:capital equipment
905:
904:
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1154:
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1120:
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1102:
1089:
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930:Limits to output
913:potential output
897:
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869:Money portal
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854:
351:Natural resource
143:Economic systems
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1018:Post-Keynesians
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563:von Böhm-Bawerk
451:
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148:Economic growth
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71:
69:classifications
12:
11:
5:
1193:
1183:
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1180:Price controls
1177:
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1155:
1138:
1121:
1103:
1084:
1071:
1054:
1053:
1051:
1048:
1044:business cycle
1020:as non-valid.
1005:
1002:
990:macroeconomics
943:price controls
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356:Organizational
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200:By application
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1088:
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1075:
1068:
1064:
1059:
1055:
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1045:
1042:of trend and
1041:
1040:decomposition
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1026:
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458:de Mandeville
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386:Public choice
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361:Participation
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321:Institutional
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271:Expeditionary
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261:Environmental
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91:International
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67:Branches and
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42:
38:
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30:
27:
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22:
18:
17:
1150:
1141:
1133:
1130:"Okun's Law"
1124:
1114:
1106:
1096:
1087:
1074:
1058:
1033:
1022:
1010:unemployment
1007:
987:
983:average cost
936:
933:
916:
912:
906:
827:Publications
792:
415:Sociological
388: /
286:Geographical
266:Evolutionary
241:Digitization
206:Agricultural
110:Mathematical
81:Econometrics
939:free market
663:von Neumann
316:Information
256:Engineering
236:Development
231:Demographic
173:Game theory
115:Methodology
1164:Categories
1036:Okun's law
979:management
975:technology
822:Economists
693:Schumacher
598:Schumpeter
568:von Wieser
488:von ThĂĽnen
449:economists
425:Statistics
420:Solidarity
341:Managerial
306:Humanistic
301:Historical
246:Ecological
211:Behavioral
105:Mainstream
1065:(2009). "
969:, and of
947:inflation
909:economics
738:Greenspan
703:Samuelson
683:Galbraith
653:Tinbergen
593:von Mises
588:Heckscher
548:Edgeworth
366:Personnel
326:Knowledge
291:Happiness
281:Financial
251:Education
226:Democracy
120:Political
86:Heterodox
29:Economics
977:and our
957:exceeds
831:journals
817:Glossary
768:Stiglitz
733:Rothbard
713:Buchanan
698:Friedman
688:Koopmans
678:Leontief
658:Robinson
543:Marshall
447:Notable
395:Regional
371:Planning
346:Monetary
276:Feminist
221:Cultural
216:Business
21:a series
19:Part of
996:on the
837:Schools
829: (
788:Piketty
783:Krugman
648:Kuznets
638:Kalecki
613:Polanyi
503:Cournot
498:Bastiat
483:Ricardo
473:Malthus
463:Quesnay
435:Welfare
405:Service
76:Applied
52:Outline
47:History
963:finite
959:supply
951:demand
773:Thaler
753:Ostrom
748:Becker
743:Sowell
723:Baumol
628:Myrdal
623:Sraffa
618:Frisch
608:Knight
603:Keynes
578:Fisher
573:Veblen
558:Pareto
538:Menger
533:George
528:Jevons
523:Walras
513:Gossen
381:Public
376:Policy
331:Labour
296:Health
153:Market
1050:Notes
1014:NAIRU
994:point
810:Lists
778:Hoppe
763:Lucas
728:Solow
718:Arrow
708:Simon
673:Lange
668:Hicks
643:Röpke
633:Hayek
583:Pigou
553:Clark
468:Smith
430:Urban
410:Socio
400:Rural
100:Macro
96:Micro
57:Index
953:for
921:real
794:more
518:Marx
508:Mill
493:List
1095:",
945:),
907:In
758:Sen
478:Say
336:Law
1166::
1149:,
1132:,
1031:.
911:,
98:/
23:on
1082:"
1069:"
896:e
889:t
882:v
833:)
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