Gross National Product

Gross National Product

Gross National Product (G.N.P.), the total value at current prices of the flow of goods and services becoming available during a period (usually one year) for consumption or adding to wealth by the citizens and enterprises of a country wherever they are situated.

Gross Output. See Output. Gross Product. See Output.

Ground Rent, the rent reserved for a site under a building lease (usually for a ninety-nine-year term). Ground rents may be freehold or leasehold. If freehold, the ground landlord owns the right to the rent and the reversion of the property at the end of the term. If leasehold, there is a further (terminable) interest created by a 'head' lessee for a period less than the term of his own lease. Although theoretically related to the value of a site, a ground rent arranged under a lease reflects the preferences of the lessor and lessee between capital sum payments and rents. The rent may therefore be much less than the value of the site indicates.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

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