Home › Forums › Discuss Austrian Economics, Step by Step › Definition of GDP › Reply To: Definition of GDP
September 1, 2016 at 6:42 pm
#18790
Moderator
Gross Output includes the market value of all intermediate capital goods produced during a given time period in addition to the items in GDP. So, not only the market value of automobiles sold to consumers, which is in GDP, but the market value of the iron mined, the steel made, the tires fabricated, etc. are in GO.
http://www.bea.gov/faq/index.cfm?faq_id=1034
Here is Mark Skousen on GO: