The total value of goods produced and services provided in a country during one year, after depreciation of capital goods has been allowed for.
- When a country depletes its natural capital, this is typically ignored in the national accounts, even though depreciation of man-made capital is allowed for (to convert from GNP to net national product, NNP).
- As a proportion of net national product, central government expenditure in Britain fell from around 18 per cent in 1820-4 to 8.2 per cent in 1910-13; the comparable figures for Germany are 20 per cent and 6.6 per cent.
- Hobson calculates that the British ‘military burden’ between 1870 and 1913 averaged a mere 3.2 percent of net national product; by contrast, the figure for the United States between 1950 and 1974 was 9 percent - nearly three times higher.
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Syllabification: net na·tion·al prod·uct
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