We need a new measure that includes happiness, environmental sustainability, real income, and social inclusivity.. GDP is outdated, and probably only most remembered because of its early overly-prevalent exposure in high school economics.
I learned this through recently playing Geopolitical Simulator. Inflation way outpaced GDP growth (251% vs. 183.5%), but was able to cut poverty from 12.9% to 7.9% in 10 years with steady nominal GDP growth, even though inflation outpaced nominal GDP.
It doesn’t matter if GDP is based on debt? Who cares if your GDP goes up if your debts go up. The top are getting richer because of debt. Everyone goes in debt and they get rich. That is not productive. Debt is only good if it is used to form productive business. We have to much credit.
This video implies that the rich are getting richer at a rate higher than the rate at which gdp is increasing. This is not true. It is true that the richest portion of the population in many western countries is gaining wealth at a faster (sometimes much faster) rate than the median and lower-wealth portions, but everyone is gaining in wealth. The discussion i see as much more relevant is whether increasing in wealth is really a good thing. If you think about it, gdp is just a measure of the size of a regulated economy and is indicative of that economy's influence over its population. It does not take into account under-the-table dealings, bartering, or the usage of natural resources. The breastmilk example is perfectly reflective of this. If one were to inherit a farm, live a self-sufficient lifestyle, trade crops to the local butcher for meat, share their resources charitably, and volunteer their family's and their own labor to improve the local area, they likely would have a hugely disproportionate effect on their local community's economy and well-being. But this person would hardly contribute to growing gdp. Compare a society in which the economy is highly agrarian and labour-focused to a place like korea or andorra where individuals tend to hold jobs that greatly contribute to national and global economies. Which lifestyle is really "better" ? Where are citizens better-off ?
Good coverage. Happened to be reading through the growth dellusion book and bumped into this.
We need a new measure that includes happiness, environmental sustainability, real income, and social inclusivity.. GDP is outdated, and probably only most remembered because of its early overly-prevalent exposure in high school economics.
Facsinating analysis regarding gdp...we see it as economical development number but there is another aspect of it...
I learned this through recently playing Geopolitical Simulator. Inflation way outpaced GDP growth (251% vs. 183.5%), but was able to cut poverty from 12.9% to 7.9% in 10 years with steady nominal GDP growth, even though inflation outpaced nominal GDP.
background music is ruining it
It doesn’t matter if GDP is based on debt? Who cares if your GDP goes up if your debts go up. The top are getting richer because of debt. Everyone goes in debt and they get rich. That is not productive. Debt is only good if it is used to form productive business. We have to much credit.
Whoever approved this loud background music should be fired. Like what possible reason is there for it?
In My country(India) Gdp is only parameter to judge government economic performance. 😴😴
Sucks to be indian
We are developing country , still have around 20% poverty we need growth to reduce poverty ...1st world problem is not our problem yet
This video implies that the rich are getting richer at a rate higher than the rate at which gdp is increasing. This is not true. It is true that the richest portion of the population in many western countries is gaining wealth at a faster (sometimes much faster) rate than the median and lower-wealth portions, but everyone is gaining in wealth. The discussion i see as much more relevant is whether increasing in wealth is really a good thing. If you think about it, gdp is just a measure of the size of a regulated economy and is indicative of that economy's influence over its population. It does not take into account under-the-table dealings, bartering, or the usage of natural resources. The breastmilk example is perfectly reflective of this. If one were to inherit a farm, live a self-sufficient lifestyle, trade crops to the local butcher for meat, share their resources charitably, and volunteer their family's and their own labor to improve the local area, they likely would have a hugely disproportionate effect on their local community's economy and well-being. But this person would hardly contribute to growing gdp. Compare a society in which the economy is highly agrarian and labour-focused to a place like korea or andorra where individuals tend to hold jobs that greatly contribute to national and global economies. Which lifestyle is really "better" ? Where are citizens better-off ?
I think i matched with Lin Yang on hinge. She's a cutiepie :PPPPPP
GDP is still useful if its adjusted for purchasing power parity
I clicked in because I thought it's talking about why GPA is bad for them
The government should make me more attractive and improve the number and quality of my friends!
😂😂😂
You should make melanin per capita the most important metric for a country so you can give Africa a chance.
Lmao
Rofl
Playing awful music when you are speaking is not a good idea. Switched off the clip. Not interested
Good for you
@@whatwhat5508 he is right though
Man can't be happy in finding his purpose without God, that his the virtues he has put in each
Amen ! Adoro te devote, latens deitas !
preach to that!
@@christiantran8454 yeeeAHH! CHRISTYBIRD
@@memesicd1490 Yep, that's me! But who are you??? 🤔