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Potential GNP

  • 13-08-2010 1:11pm
    #1
    titsmahgee
    Closed Accounts Posts: 37 ✭


    Can someone help me with a question i have been searching for ages in the college library.I need an answer for the definition of potential GNP?? I have looked everywhere but can only find answer for GDP not GNP.
    Any help would be very very appreciated


Comments

  • #2
    Time Magazine
    Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    What a country could produce if it used all of its resources efficiently. In terms of elementary microeconomics, it's the highest point on the production possibility frontier.


  • #3
    Économiste Monétaire
    Closed Accounts Posts: 2,208 ✭✭✭Économiste Monétaire


    Efficient net-factor utilisation?


  • #4
    [Deleted User]
    Posts: 5,589 ✭✭✭ [Deleted User]


    Unless you've gotten some kinky production function, in the standard 2 good case it will be any on the production frontier.

    Keep in mind the definitial differences between GNP and GDP and you just apply the definition of GDP and note the differences in jurisdiction.


  • #5
    Time Magazine
    Registered Users, Registered Users 2 Posts: 8,452 ✭✭✭Time Magazine


    Deleted User wrote: »
    Unless you've gotten some kinky production function, in the standard 2 good case it will be any on the production frontier.

    I don't think that's correct: it's GNP rather than physical output,, so relative prices matter.


  • #6
    [Deleted User]
    Posts: 5,589 ✭✭✭ [Deleted User]


    Good point.
    I guess thats why one of us is in PhD school!


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  • #7
    titsmahgee
    Closed Accounts Posts: 37 ✭titsmahgee


    thanks very much everyone, hopefully that helped me pass my exam anyway!!


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