Is virtual currency included in GDP
First of all, Libra, as a virtual currency, is the anchor of a basket of currencies and promises to exchange with legal tender at a ratio of 1:1. This is not only better than the network "cryptocurrency" not linked to fiat currency, but also more stable than the stable currency linked to single currency, which is an upgraded version of digital stable currency. Its mission is to "build a simple, borderless currency and financial infrastructure for billions of people."; Libra is a stable currency supported by a basket of currencies (reserves) and managed by an independent association (registered in Switzerland) running on the blockchain platform
GDP is measured by the final proct, that is, the final sale value of the final proct in the period. Generally, according to the actual use of procts, procts can be divided into intermediate procts and final procts. The so-called final proct refers to the goods and services that can be directly consumed or used by people in a certain period of time. These procts have reached the final stage of proction and can no longer be used as raw materials or semi-finished procts in the proction process of other procts and services, such as consumer goods and capital goods. Intermediate procts refer to goods and services, such as raw materials and fuels, which are used for reprocessing or resale for the proction of other procts. GDP must be calculated according to the current final procts, intermediate procts can not be included, otherwise it will cause double calculation.
(2) this transaction and other pending transactions are broadcast to the global bitcoin network
(3) every ten minutes, the miner, special computer (or computer group) on this network will collect hundreds of transactions, and then combine them to form a "transaction group" (block)
(4) in order to find a transaction group and make the transaction effective, miners compete to solve a difficult mathematical equation (a "hash function" & lt; Hash Function> The first miner to solve the equation further processes the transaction group and broadcasts the proof of work to the bitcoin network
(5) other miners check the work evidence and the validity of the transaction. If they approve, the winning miner will be rewarded with 25 newly forged bitcoins (about $6900 at current prices). The purpose of providing rewards is to motivate miners to provide computing power. The difficulty of adjusting the mathematical puzzle is to keep the supply of new bitcoin stable
(6) the extracted transaction group is added to the "blockchain", which is a large and indivisible general ledger, records all bitcoin transactions and exists in the bitcoin network
(7) the payee can use his wallet software to check whether bitcoin has arrived.
There is a direct relationship between the amount of money issued and GDP. The money circulation increases with the increase of GDP and decreases with the decrease of GDP
because of the quantity equation of "money quantity theory": MV = py, where m is the quantity of money needed for circulation, V is the speed of money circulation (that is, the number of times a note changes hands in a certain period), P is the price level, and Y is the real GDP
on the right side of the formula is GDP. Although m is not the amount of money issued in the strict sense, it is the amount of money needed for actual circulation. Therefore, a basic money demand function is to divide V on the left, which means that there is a "positive correlation" between money circulation and GDP
(1) since GDP uses market price to evaluate goods and services, it does not include the value of almost all activities outside the market. In particular, GDP omits the value of goods and services proced in households
(2) GDP does not include environmental quality. Suppose the government abolishes all environmental regulations, then enterprises can proce goods and services without considering the pollution they cause. In this case, GDP will increase, but welfare is likely to decline. The deterioration of air and water quality outweighs the welfare benefits of more proction (3) GDP does not involve income and distribution. GDP per capita tells us the average of each person, but behind the average is the huge difference in personal income In most cases, but not in all cases, GDP is a good indicator of economic welfare (4) the concept of GDP is derived from the principle that exchange proces wealth. The basic conditions of this principle are: first, the exchange must be voluntary; second, the exchange must not hinder the third party; third, the exchange must really take place between two clear property rights subjects. If these three conditions are not met, the accuracy of the GDP value will be greatly reced, or the GDP data will be flawedfor example, the GDP of compulsory trade, the GDP of hindering others, the GDP created by export, the GDP generated by investment, the GDP generated by consumption and so on will affect the total effective accumulation of GDP
comparability
China's system of national accounts (2002) adopts the basic accounting principles, contents and methods of the United Nations 1993 system of national accounts (SNA), so GDP data are internationally comparable
after the national economic census or the change of calculation method and classification standard, the historical data of quarterly GDP are revised, so the time series of quarterly GDP since the first quarter of 1992 are comparable
this is also the calculation standard of GDP.
the stock itself does not directly generate new value. Stock is the proct of circulation and belongs to the redistribution of capital.