GDP, or gross domestic product, is a value that represents the total goods and services produced in a defined region, typically a country, intended to indicate the health of its economy. Nominal GDP, which is not adjusted for inflation or deflation, can be distinguished from real GDP, which is measured against a base year and thus accounts for price changes. The current convention is that substantial growth in real GDP indicates a well-functioning economy, while minimal growth or a contraction marks a recession or (if ongoing) a depression. GDP growth is considered positive, regardless of the degree to which growth disproportionately expresses the preferences of the wealthy (see Cochrane) or impacts those who do not benefit.