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Wikipedia says

GDP can be determined in three ways, all of which should, theoretically, give the same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy.

https://en.m.wikipedia.org/wiki/Gross_domestic_product

In Japanese, it is called 三面等価の原則.

What is the English word for this?

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2 Answers 2

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There is no special technical jargon for it. You can call it equivalence or three sided equivalence between income, expenditure and production.

However, that’s not really a term but rather a description you could use for any arbitrary equivalence $X\equiv Y \equiv Z$.

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This is best thought of an an equilibrium outcome. In equilibrium, the value of goods and services sold (Income) has to equal the value of goods and services bought (Expenditure) and goods and services created (Produced). Yes, there are tricky cases, like changes in inventories, but thinking of this as an equilibrium gets you almost all the way there.

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    $\begingroup$ Are you implying that an economy could be in a disequilibrium in which the three quantities were not all equal? $\endgroup$ Jan 30 at 21:02
  • $\begingroup$ These things hold also outside equilibrium. Profits + wages + rent + interest = consumption expenditure + investment exp + government exp + spending on NX always holds by construction same way as A=L+E holds in accounting even when firm is not in stable equilibrium. That’s just identity. Regarding output it depends on type of output. Even outside equilibrium it would be equal to gross output (again just an identity) but it wouldn’t be equal to potential output necessarily $\endgroup$
    – 1muflon1
    Jan 30 at 21:10

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