Great care should be taken in using real output per capita figures to compare different countries' standards of living.

To put that another way: imagine an economist attempting to estimate a model of real output in this economy.

In particular, given that prices have already been set and cannot be changed, what will happen to real output?

Furthermore, government policy can now be used to stabilize real output.

Of course, Congress could just peg money-supply increases to some number - say, the growth in real national output - and call it a day.

Provide real video output immediately after power on.

But to restrict purchasing power when there is no excess to begin with could easily lead to a reduction in real output.

This measures a country's ability (or inability) to increase real output at a faster pace than population growth.

In 1974 real output was 5.02 million b/d, a million or so up on 1972.

This improved allocation of resources should raise real output in the economy as a whole.