Gross state product (GSP), or gross regional product (GRP), is a measurement of the economic output of a state or province (i.e., of a subnational entity). It is the sum of all value added by industries within the state and serves as a counterpart to the gross domestic product (GDP).
Conceptually, there is no difficulty in taking the definition of GDP for a nation and applying it to a smaller jurisdiction such as a state, or even a local government area. In practice, however, flows of goods, services, labour and capital across state boundaries (i.e., flows within a nation) are generally not measured with any great accuracy. By contrast, flows across national boundaries are normally recorded as part of the ordinary operations of government. As a result, it is often hard to measure the value added within a state, since this requires netting out 'imports' from other states, and including 'exports' to other states. Similarly, it is difficult to measure the income accruing to factors of production (labour and capital) within a given state.
Famous quotes containing the words gross, state and/or product:
“We are ashamed to seem evasive in the presence of a straightforward man, cowardly in the presence of a brave one, gross in the eyes of a refined one, and so on. We always imagine, and in imagining share, the judgments of the other mind.”
—Charles Horton Cooley (1864–1929)
“Women who are either indisputably beautiful, or indisputably ugly, are best flattered upon the score of their understandings; but those who are in a state of mediocrity are best flattered upon their beauty, or at least their graces: for every woman who is not absolutely ugly, thinks herself handsome.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“[The political mind] is a strange mixture of vanity and timidity, of an obsequious attitude at one time and a delusion of grandeur at another time. The political mind is the product of men in public life who have been twice spoiled. They have been spoiled with praise and they have been spoiled with abuse.”
—Calvin Coolidge (1872–1933)