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This is an abridgment of the content in the first chapter of Dr. Grossman's book, The Economic Recovery Policy: What is Its Definition and Why it Matters, which was published in 1986. In this discussion, Dr. Grossman discusses the notion of economic depreciation. Dr. Grossman then discusses three methods of measuring real property prices and their usefulness in the context of the definition of GDP. The final section of the book reviews some recent studies on the subject of real property prices and their effects on economic growth. The discussions in this section are based on the literature on price determination in the context of economic recovery.

In discussing the definition of GDP, Dr. Grossman uses the phrase, “the value of a property as measured by its current fair market value at the time of the purchase.” He uses the expression, “fair market value” to refer to the value of a property at the time of its purchase without making any allowance for depreciation. He continues by describing various measures of value and the importance of these in the determination of a country's economic recovery. Finally, he discusses the use of Purchasing Power parities and its relation to the standard of living.

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The main measure of value used in this discussion is Purchasing Power Parity, or PV. Purchasing Power Parity is the standard average price of similar properties in a country as determined by various economists, using various techniques. The various techniques used include national income approach, time value of money approach, and the PIP-Growth model. These measures are necessary for researchers to measure the prices of comparable properties across countries.

Unfortunately, PIP-Growth does not allow researchers to examine the time trend of changes in price. Another problem is that prices are typically updated only once a year for most indicators, which makes them static. Even if the prices are updated monthly, it is still difficult to examine trends over time because price changes do not coincide with each other. For example, if prices in one country decrease while they increase in another country, the former country's price will have no effect on the latter country's price.

As a result, GDT doesn't directly include economic indicators. However, Purchasing Power is based on several factors including gross domestic product, consumer price index, and interest rates. It can be used to supplement the rates used by economists to calculate PPP and other economic indicators. For example, it can adjust for differences in purchasing power across countries and adjust for changes in the rate of inflation.

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Real estate developers and property managers should use GDT to determine fair market value of their projects. This is because the method is more accurate than just looking at the current property price. By correctly pinpointing the market value of a property, they will be able to get more for their investments. This is especially important for short sales and conversions of residential property from residential to multi-family.

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