There’s actually a separate measurement designed to calculate the production of ... value of money from a past base year (called a GDP deflator). Economists generally prefer real GDP.

Real GDP is calculated using a GDP price deflator, which is the difference in prices between the current year and the base year. For example, if prices rose by 5% since the base year, then the ...

GDP can be calculated by adding up all of the money spent by consumers, businesses, and the government in a given period. It ...