pbuttigieg
commented
8 years ago @mark-jensen we'll need a suite of terms to handle this. I'm using data item until we can find a more accurate class. For many classes below, we can have class "monetary estimate" (subclass of data item) as a superclass.
@cmungall is there an annotation property for "abbreviation" ? I'm using exact synonym right now, which is probably not the best.
The GDP from the OECD is more about how to calculate it. We can include it in the comment perhaps, but the definition should probably be more lightweight (e.g. as explained here)
gross domestic product = A data item which is a monetary estimate of the value of goods and services - available to final consumers - produced by an economic system within a period of time. It excludes the goods and services involved in intermediate consumption and production as well as the value of used goods while accounting for taxes, subsidies, and the value of goods and services imported into the economic system.
- Comment: "GDP attempts to measure the “use” economy, i.e., the value of finished goods and services ready to be used by consumers, business and government. GDP is similar to the “bottom line” (earnings) of an accounting statement, which determined the “value added” or the value of final use." (Wikipedia). GDP is often calculated on a quarterly or yearly basis.
- exact syn: GDP
- We should probably have a class for
final consumerto represent consumers which are at the end of an economic production and consumption chain. - There's a great deal about various forms GDP, so we'll likely revise this class.
gross output = A data item which is a monetary estimate of the value of goods and services sold at all stages of production.
- exact syn: GO
Classes needed later for full representation:
- intermediate consumption process (inferred)
- purchaser's price (needs a pricing process as a subclass of valuation process)
net domestic product= A monetary estimate which estimates the gross domestic product of an economic system, less the value of any fixed capital consumed by that system in a period of time.
- exact syn: NDP
- xref: (OECD)
fixed capital= A stock of tangible, durable assets which is not consumed by an economic production process for at least one accounting period.
- "In national accounts, fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year. This includes plant, machinery, vehicles & equipment, installations & physical infrastructures, the value of land improvements, and buildings." (Wikipedia:Fixed_capital)
- I'm using capital to refer to the (material or immaterial) entities that are valued and have asset roles here (somewhat like #94) as "The European system of national and regional accounts (ESA95) explicitly includes produced intangible assets (e.g. mineral exploitation, computer software, copyright protected entertainment, literary and artistics originals) within the definition of fixed assets." (Wikipedia:Fixed_capital)
- Of interest: "Land itself is not included in the statistical concept of fixed capital, even although it is a fixed asset. The main reason is that land is not regarded as a product (a reproducible good). But the value of land improvements is included in the statistical concept of fixed capital, being regarded as the creation of value-added through production." (Wikipedia:Fixed_capital)
- we can't say that it isn't consumed at all, as fixed capital (buildings, production plants, vehicles...) can be sold easily, but isn't sold as often as "reproducible goods" (products).
- accounting period is problematic, we can add a comment saying that this is usually a quarter or a year.
depletion adjusted net domestic product= A net domestic product estimate which has been reduced by the value of any damage to assets not included in the consumption of fixed capital and the value of the natural resources consumed during the accounting period. OECD
- I'm not sure that I've parsed "less any damage adjustments to asset valuation" accurately. Needs verification.
- "not included in consumption of fixed capital"is not clear to me.
maintenance costs= A monetary estimate of the total value of assets consumed in processes which would meet an [objective specification](http://purl.obolibrary.org/obo/IAO_0000005) defined in a set of environmental standards.
- Seems like a very hypothetical entity: "Hypothetical costs that would have been incurred in order to meet hypothetical environmental standards using current costs and technologies. They comprise avoidance costs – structural adjustment costs and abatement and restoration costs." OECD
- We'll need the subclasses eventually: "avoidance costs – structural adjustment costs and abatement and restoration costs"
- I have no idea how to represent hypothetical environmental standards or if this class is even useful. @pdez90 ?
environmentally adjusted net domestic product = A depletion adjusted net domestic product estimate reduced by maintenance costs.
- "Environmentally adjusted net domestic product equals depletion adjusted NDP less maintenance costs.' (OECD)
- exact syn: 'eco-domestic product' (OECD)
economic growth = A process whereby the value of goods and services produced by or provided by an economic system increases.
Finally, we get to the classes of interest. Note that these are no longer information artifacts, but processes. I've used the estimates above in the definitions as these are what seem to be the criteria these processes are classified by. It would be _far better _ to define them according to what is actually supposed to happen to the material entities of an economic system and then link them to the various measures; however, this will require more input.
gross economic growth= An economic growth process whereby the gross domestic product of an economic system increases.
sustainable economic growth= An economic growth process whereby the environmentally adjusted net domestic product of an economic system increases.
- Comment: several key assumptions are made when assessing sustainable economic growth, see Bartelmus (1994)
mark-jensen
OECD definition: https://stats.oecd.org/glossary/detail.asp?ID=2628 Sustainable economic growth in operational terms is the upward trend in environmentally adjusted net domestic product (EDP) under certain conditions and assumptions (Bartelmus, 1994).