Measuring the real output of steel bars or coal over time is relatively simple.
Real output shrank by 3.7%, the deepest decline of any postwar recession (a record shared with the downturn of 1957).
Nominal income in turn is the product of real output and prices.
In fact these problems are similar in kind and no more intractable than those which arise in measuring inter-temporal changes in real output and expenditure.
However, U.K. real output fell at an annualized rate of 4.33% during those 18 months, while real GDP in the U.S. declined at a 2.78% annual rate.
More importantly, although the service's budget rose in real terms by over 7% a year from 1998 to 2003, its real output rose by only 3.7% a year.
When in full stride, in the mid 20th century, real output per capita in the US grew at 2.5% annually, aided in large part by leveraging technology and machines.
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That is a shadow of the rebound of the early 1980s, when real output grew 18.5% in the first three years of recovery and employment soared by 11.1% (see chart).
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During the 3 quarters of QE2, real GDP increased at an annual rate of only 1.33%, while during the 3 quarters prior to QE2, real output rose at a 3.41% annual rate.
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Several countries, particularly Hungary, are on track to essentially never regain their pre-crisis peaks of real output, and others, such as Bulgaria, have had their recoveries derailed by crippling increases in utility tariffs.
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Indeed, one reason why Japan's real output has grown more strongly than expected this year is that prices as measured in the national accounts have fallen faster, turning a fall in nominal spending into a significant increase in real terms.
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By increasing the size of the monetary base (which the Fed controls to the penny), the Fed can increase NGDP, although it cannot control how much of the nominal growth occurs as inflation, and how much shows up as real output.
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Well, the answer to that depended largely on whether Q (real output) was pretty much maxed out, meaning running at or near full employment of labor and other resources, or whether there was significant slack in the economy that might be taken up by greater spending.
In the coming decade neither U.S. population nor real economic output would rise nearly so much.
Over the past 60 years, real manufacturing output per worker has nearly quadrupled.
Indeed, as economies become ever more sophisticated, and real economic output ever more difficult to measure accurately, prudent makers of monetary policy will have to monitor an ever-broader set of indicators, equity prices included.
Their pitch is you can take your idea, prototype it, and output real, usable code.
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Hayek was managing to close the gap between manufacturing output and real-time market demand.
Of that 4.5%, you might hope that roughly 2.5% would be real growth in national output and the rest inflation.
And the debt ratio actually rose, to 170% of GDP in 1930 and 190% in 1933, as high real rates and declining output wiped out the benefits of a primary surplus.
Instead, our national output - in real terms - is still nearly 4%smaller than it was then.
What exactly does that mean in terms of real, available kWh generating output?
This purports to show that U.S. manufacturing output has tripled in real terms since 1980.
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Given a constant money supply, nominal wage rates fall, but real wage rates rise because total output has gone up.
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Within most countries, government statisticians provide regular estimates of aggregate output and expenditure in real terms, after correction for price changes over time.
Released on Friday, the GDP report shows that Real Gross Domestic Product (the output of goods and services produced by labor and property located in the US) increased at an annual rate of 1.5 percent in Q2 of 2012.
Right now high school and college students are using the tools of synthetic biology to complete real-world projects that rival the output of major biopharmaceutical companies.
Unfortunately, it has been using them less efficiently than before: output has grown more slowly than real inputs.
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