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The term “economic growth” refers to the increase of real gross national product or gross domestic product or per capita income. National income or else national product is usually expressed as a measure of total added value of a domestic economy known as gross domestic product (GDP). Generally, GDP measures the value of economic activity within a country during a specific time period. The current study aims to find the most suitable model that adjusts on a time-series data set using Box-Jenkins methodology and to examine the forecasting ability of this model. The analysis used quarterly data for Greece from the first quarter of 1995 until the third quarter of 2019. Nonlinear maximum likelihood estimation (maximum likelihood-ML) was applied to estimate the model using the Broyden-Fletcher-Goldfarb-Shanno (BFGS) algorithm while covariance matrix was estimated using the negative of the matrix of log-likelihood second derivatives (Hessian-observed). Forecasting of the time series was achieved both with dynamic as well as static procedures using all forecasting criteria.

We construct a new consumer price index for Canada covering the period from 1870 to 1900. Unlike previous indexes, it includes prices of clothing and household furnishings. This is important because these previously neglected components accounted for roughly 20% of consumers' expenditures. Moreover, the price of cotton goods, the most important textile product used for clothing and household furnishings, fell by half between 1870 and 1900 (much faster than other components of the price level). This has ramifications for both the level and trend of Canadian GDP. Because the largest changes in estimation concern the 1870s, we show that the country grew substantially faster than generally believed. It outpaced the United States so much that it entered the twentieth century with an improved economic standing relative to its southern neighbor.

In recent decades, capitalist globalization has entailed a new international division of labor with the relocation of some stages of manufacturing production from the Center to the Periphery through the Global value chains (GVCs). This new pattern of global production is marked by wide income disparities between the different regions of the world economy, accentuated by value transfers hidden within both traditional and GVCs international trade. The chapter presents a theoretical model based on a Marxian approach for the accounting of unequal exchange in international trade in value-added, resulting from the decoupling of value-produced and value-captured inside and outside GVCs. The empirical results show the ongoing relevance of unequal exchange in contemporary capitalism as one of the fundamental causes of disparities in income and economic development among the countries of the global economy.