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Product Variety and the Gains from International Trade$
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Robert C. Feenstra

Print publication date: 2010

Print ISBN-13: 9780262062800

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262062800.001.0001

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Product Variety and the Measurement of Real GDP

Product Variety and the Measurement of Real GDP

Chapter:
(p.83) 5 Product Variety and the Measurement of Real GDP
Source:
Product Variety and the Gains from International Trade
Author(s):

Robert C. Feenstra

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262062800.003.0005

This chapter presents an alternative approach for measuring world gains from trade due to product variety using real gross domestic product (GDP). It explains that the standard of living or real GDP on the expenditure side (RGDE) measures the consumption of countries at a set of common reference prices while real output of countries or real GDP on the output side (RGDO) measures the production of countries at a set of common reference prices. It discusses the calculation of RGDE and RGDO either by using observed export and import prices for countries or by adjusting the export and import prices for product variety.

Keywords:   world gains, trade, product variety, real GDP, RGDE, RGDO, export, import

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