US Real GDP Is Substantially Higher Today Than It Was

question 186

Essay

U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does it not tell us, about the well-being of U.S. residents?

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Definitions:

Probability Density Function

A mathematical function that indicates how likely it is for a random variable to adopt a particular value.

Exponential Distribution

A probability distribution used to model the time between events in a Poisson process, where events occur continuously and independently at a constant average rate.

Parameter

A numerical characteristic that summarizes or describes an aspect of a population in statistics.

Exponentially Distributed

A probability distribution that characterizes the interval between occurrences in a process where events continually and independently happen at a steady average pace.