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- export product and markets
- debt (private and public)
- liabilities
- employment
- demographics
- ToT
- balance of payments
- foreign reserves
- FX
- foreign investment
- education standards
- geopolitical relationships
- government policy
- technical capabilities
- R&D
- budgets (surplus or deficits)
- competitiveness
- industrial manufacturing capability/capacity
GDP is a meaningless generalisation with no context and more often than not fictitious. The sooner people throw it in the dustbin the better informed they'll be.
Can we get back to GDP and GDP per capita?
I get a giggle watching you guys chit chat...it's like watching a couple of preschoolers talk gobbledygook..
If you had a company that turned over $100k last year and then $105k this year and was trending for 5% annual growth what would it tell you.
Absolutely nothing of value. Worse the CEO and CFO goose the numbers anyway to enhance their bonuses and assure investors alls well.
That's GDP in a nutshell and you guys still think it's relevant..
Anyway, using your example mate, you've included the little till that million dollar businesses have in their 'petty cash' as more important than an increase in their total revenue.
That's what 'international reserves' mean as a measure of a countries performance. Useless indicator that means nothing in terms of a developed economies performance.
See attached chart.
Cheers,
Redom
GDP/capita LOL.. another questionable if not limited indicator.
I've lived in Aus and NZ. The difference in per capita GDP is stark. Problem is I can't find a difference in the standard of living or quality of life. In fact I find the quality of life better in NZ overall. Your mileage will vary depending on where you live.
GDP related indicators are nominal not real which substantially limits their usefulness and unless you understand these limitations (which most don't) information can quickly become garbage. Worse if the quality or varicity of inputs is poor it becomes garbage in garbage out.
Quality of life is a totally personal set of choices and by no means any form of indicator.
Standards of and access to;
education,
employment,
healthcare,
recreation,
equality,
security,
human rights, etc
These aren't personal choices but conditions conducive to and/or enabling one to attain comparable qualities of life.
If you have health problems and can't access medical care your quality of life can be substantively diminished. This is not a matter of choice.
Well now we know your choices.
It's always foolish to assume that everyone's needs or choices will be the same.
Freckle for Presidente'
The be all to end all.
We're talking about QOL in the context of GDP/cap. The GDP/cap stat for AU suggests a much higher standard of living in comparison to NZ. My experience indicates otherwise. If one was to measure QOL metrics they would find very little difference in the areas I've listed.
My conclusion is that if GDP/cap can't identify, suggest or point to any meaningful information then you have to look at other data to uncover any meaningful knowledge. They kinda makes GDP/cap moot in my book.
The problem with GDP base data is that it's engineered to accomplish a desired outcome by the powers that be. That pollutes the quality of any related data stat like GDP/cap.
When you start to get your head around how GDP is simply a make believe number you'll find it amusing to watch people talk about as if it's real.
Standards of and access to;
education,
employment,
healthcare,
recreation,
equality,
security,
human rights, etc
These aren't personal choices but conditions conducive to and/or enabling one to attain comparable qualities of life.
If you have health problems and can't access medical care your quality of life can be substantively diminished. This is not a matter of choice.
Most of these feed into quality of life indicators.
GDP per capital/Income levels obviously need to be added to the equation given its impact on one standard of living.
we know the CPI figures are far from perfect too, so are median prices.They are still key numbers