Real versus nominal value (economics)
Gross domestic product (GDP) is a measure of aggregate output. Nominal GDP in a particular period reflects prices which were current at the time, whereas real GDP compensates for inflation. Price indices and the U.S. National Income and Product Accounts are constructed from bundles of commodities and their respective prices. In the case of GDP, a suitable price index is the GDP price index. In the U.S. National Income and Product Accounts, nominal GDP is called "GDP in current dollars" (that is, in prices current for each designated year), and real GDP is called "GDP in [base-year] dollars" (that is, in dollars that can purchase the same quantity of commodities as in the base year).
Valuation of Nonmarket Housework
The GPI is an alternative to GDP as a measure of economic growth that is generally designed to incorporate environmental and social factors that are not traditionally included. While much of the focus is typically placed on environmental costs, most GPI measurements explicitly include additions for the value of household work and parenting.