Why is the deficit described as percentage of GDP?

Ask an Economist
Abbreviated Question: 
Why is the deficit described as percentage of GDP?
Answer: 

Let me start by reminding you that GDP is a measure of the total amount of goods and services produced in an economy, say the USA, in a year. So it sums the total value in dollars of everything that has been produced in the country in a given year.

So the GDP, as this measure of production, will include the value of the battleship produced this year, no matter who bought it, let’s say the government or someone in the “private sector” (even though not many private individuals would go around buying battleships).

Mary Holz-Clause

Feature Story

Major: Agricultural Business

Current employer/job title: University of Minnesota-Crookston, Chancellor

Phil Harris

Feature Story

Current employer/job title: Iowa State University’s Center for Agricultural Law and Taxation, visiting professor.

Phil Harris, an emeritus professor of agricultural and applied economics at the University of Wisconsin at Madison, is serving the center in a part-time role as visiting professor. He retired from the University of Wisconsin last spring.

Josh Roe

Feature Story

Current employer/job title: Deputy Secretary of Agriculture, Kansas Department of Agriculture

Josh Roe is the Deputy Secretary of Agriculture for the Kansas Department of Agriculture. He has been with the Kansas Department of Agriculture since 2014. Prior to the Department of Agriculture, he was an extension economist for Kansas State University Research and Extension focusing on water quality.

Will rise in GDP affect commercial boat ownership?

Ask an Economist
Abbreviated Question: 
Will rise in GDP affect commercial boat ownership?
Answer: 

Let me start by saying that I have expertise in the economics of commercial fishing. I cannot speak to whether GDP will increase next year. If GDP does rise, there may be channels by which commercial boat building and therefore boat ownership within the U.S. could increase. I doubt that a rise in GDP would substantially increase commercial fishing boat building and ownership. This is because most commercial fisheries in the U.S.

Drew Mogler

Feature Story

Current employer/job title: Iowa Pork Producers Association, Producer Education Director

In my position, I work closely with organizations like the National Pork Board, the Coalition to Support Iowa's Farmers, Iowa Farm Bureau, and Iowa State University to develop and distribute educational resources to pig farmers all across Iowa. These resources may include workshops, seminars, webinars, and newsletters about a wide range of topics that are important to Iowa's pig farmers.

Brandi Barrett

Feature Story

Brandi Barrett was one of the twelve CYstarters 2017 summer cohorts. Each team has the opportunity to focus on their startup or business idea while receiving $6,000 or up to $12,000, along with mentorship, accountability, and educational sessions on how to build a business.

Raised on a corn and soybean farm in Kenton, Ohio, Brandi Barrett was destined to become an agricultural entrepreneur. At age 10, Brandi was part of the talented and gifted program at her school where she was tasked with designing a product for a class assignment.

Nancy Kirkholm

Feature Story

When her husband died from cancer nine years ago, keeping the farm in the family and bringing on the next generation was Nancy Kirkholm’s primary goal.

Her perseverance and tenacity have earned the Homer, Nebraska resident honors in Monsanto’s Farm Mom of the Year competition as a Northwest Region winner. According to Monsanto, regional winners are nominated by those close to them who see their commitment to their families, communities and farms each and every day.

Deepak Premkumar

Feature Story

Berkeley, CA

Premkumar has been named a 2017 STATEment Makers by the ISU Alumni Association.

Pages

Subscribe to Department of Economics RSS