Definition of Production
The statistical definition of gross output is dependent upon the definition of production applied. Typically some economic flows and activities are excluded from coverage in calculating the value of gross output, on the ground that they are unrelated to production in the domestic economy. These include certain foreign transactions, property income, transfers, land sales, and various government disbursements, unpaid housework and voluntary work. On the other hand, items are included which some economists would regard as spurious, such as the imputed rental value of owner-occupied housing (this is the average rents, at market rates, which owners of residential housing would receive if they rented out the housing they occupy).
Read more about this topic: Gross Output
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“I’m beginning to think that the proper definition of “Man” is “an animal that writes letters.””
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“Was man made stupid to see his own stupidity?
Is God by definition indifferent, beyond us all?
Is the eternal truth man’s fighting soul
Wherein the Beast ravens in its own avidity?”
—Richard Eberhart (b. 1904)
“The problem of culture is seldom grasped correctly. The goal of a culture is not the greatest possible happiness of a people, nor is it the unhindered development of all their talents; instead, culture shows itself in the correct proportion of these developments. Its aim points beyond earthly happiness: the production of great works is the aim of culture.”
—Friedrich Nietzsche (1844–1900)