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Let's take a look at all the posts above on the definition of GDP. Those definitions of GDP
usually assumes constant prices even though there is no clear reference to prices in the definition.
That is why economists usually like to differentiate between "real" and "nominal" GDP. This
distinction especially becomes important when it comes to comparing the size and growth of the
world economies. What would be the problem if we used Nominal GDP as our measure?
Solution
GDP measures the monetary value of all final goods and services produced in a country in a
given year. Since its a monetary measures, we used price as the standardisation tool for different
product.
GDP=PY
now growth in nominal GDP can be because of two reason either price rise or physical
production rise. Rise in physical production increases welfare of a nation, while rise in GDP due
to inflation worsen off the nationals (same money will buy lesser goods) that

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  • 1. Let's take a look at all the posts above on the definition of GDP. Those definitions of GDP usually assumes constant prices even though there is no clear reference to prices in the definition. That is why economists usually like to differentiate between "real" and "nominal" GDP. This distinction especially becomes important when it comes to comparing the size and growth of the world economies. What would be the problem if we used Nominal GDP as our measure? Solution GDP measures the monetary value of all final goods and services produced in a country in a given year. Since its a monetary measures, we used price as the standardisation tool for different product. GDP=PY now growth in nominal GDP can be because of two reason either price rise or physical production rise. Rise in physical production increases welfare of a nation, while rise in GDP due to inflation worsen off the nationals (same money will buy lesser goods) that