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the trend growth rate and measurements of economic welfare
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- Words:
- 1839
- Submitted:
- Sun Jul 26 2009
- Mark submitted by Author:
... Economics Essay 1. What determines the trend growth rate in the United Kingdom? (20) First and foremost the trend growth rate can be defined as an averaged total of economic growth, illustrated in a linear format on a graph over a 12 month period, or alternatively as the mean growth rate during an economic cycle. The trend rate of economic growth is determined by taking the percentage change in Real GDP (adjusted for inflation) over the course of a year. Compiled in this manner, it allows considerable fluctuations in output to be smoothed - providing more reliable figures. An output gap exists when there is a differential between the trend rate of economic growth and the actual GDP. A positive output gap usually occurs when the economy is in a "boom" period, whereby the current output lies above the trend. This can be illustrated on figure 1 below, where the horizontal line converges
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