We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

GDP Is Not Enough - Research Paper Example

Comments (0)
Summary
GDP Is Not Enough Austin Nelson Marymount Manhattan College The Gross domestic product has been used as a measure of economic growth and performance for a number of countries; the United States included. The GDP has always been criticized of not showing the real picture of economic performance of a nation due to its limitations…
Download full paper
GRAB THE BEST PAPER
GDP Is Not Enough
Read TextPreview

Extract of sample
GDP Is Not Enough

Download file to see previous pages... This paper provides an annotated bibliography for the topic GDP is not enough (Adam, 2009). Gross Domestic Product (GDP) refers to the net value of all final production of goods and services in a country. GDP is often measured and calculated in three ways: first, is summing up of all the incomes and profits received from goods and services produced in a country; second is summing up of all expenditures incurred in the production of goods and services i.e. adding up of money earned from exports and deducting all that is used on importation; lastly is summing up all the value added by capital and labor in situations where inputs are procured from other producers and converted into output. GPD accounts only for the flow experienced in an economy thus excluding stocks, wealth and capital investment as this do no account for direct financial transactions, where change of money occurs (Buxton, 2002). Gross Domestic product basically calculates the economic activities with nation’s borders while Gross National Product (GNP) is concerned with the gross income of the citizens in that country. GNP sums up interests, rates, rents, profits and dividends paid out by outsiders. Policy makers are often much interested with the economic activity level thus making GDP to be more preferred. Although not accurate in an extended period of time, GDP offers a complete snapshot of the economy. It offers a summary of the entire range of economic information into a single number, thus reflecting on comparative weaknesses and strengths of various economic sectors. It is a precise In most cases, an increase in economic growth is often accompanied by equal increase in both income and employment. GDP therefore seeks to estimate such changes in economic and social welfare. However, it can only give a precise figure of certain other contributing factors remain constant. Economic analysts believe that GDP reflects on the general welfare so precise enough to assume it as an equivalent measure on welfare. However, critics such as think tank Redefining Progress (discussed below) believe that GDP does not reflect concisely the total utility measures (Chien, 2010). Traditionally, economists have been using GDP measure to approximate the economic progress. An increases in GDP value meant the particular country is progressing. Consequently, a fall in GDP meant that the particular nation is rapidly ceding ground. From a strict arithmetical aspect, DGP offers a straight forward indicator to economic wellness. However to a common man, GDP statistics can be deceiving. To counter this ambiguity, Redefining Progress- social think tank came up with the Genuine Progress Indicator (GPI) in 1995. This idea was nurtures as an alternative to the convectional GDP as a parameter for estimating the economic and social wellbeing of a country. The two indicators are based on a common personal consumption data baseline. However, GPI unlike GDP gives adjustment factors and variables that represent both monetary and non monetary aspects of the country’s economy. The adjustment categories can be grouped into the following categories; Personal consumption: this baseline gives similar data input similar to what is used in GDP measurement. Income Distribution; under this, GPI is scaled upward when a higher percentage of a country’ ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Alternative Measures of GDP
According to the definition provided by OECD (2009), GDP can be defined as “the standard measure of the value of the production activity (goods and services) of resident producer units”. Thus, GDP concentrates in a few basic aspects of the economic structure, such as the production function of the economy, consumption pattern, and population among others.
8 Pages(2000 words)Research Paper
Expected US GDP Growth Rate Going Forward
The US economy has many challenges especially from the year 2008 when it experienced a recession, high inflation, and high unemployment rates. The recession is reported to be officially over and a new period of new economic growth is expected in 2012 and in the years to follow.
5 Pages(1250 words)Research Paper
The Connection of GDP and the State of the Economy
The main focus in the paper is on the GDP indicator, that is an aggregate measure of total economic production for a country. GDP represents the market value of all goods and services produced by the economy during the given period. The World Bank has termed GDP as the main criterion for classifying economies.
3 Pages(750 words)Research Paper
Global GDP, Death Rate, and Life Expectancy
The population would have a higher standard of living, better education, more available health care, and a higher level of education. These factors would translate into a longer life expectancy and a lower death rate. This study begins by making two hypotheses.
14 Pages(3500 words)Research Paper
GDP
8 Pages(2000 words)Essay
Concusions: when is it enough
Concussions are a serious problem in sports and athletics. The thirst for winning and acquire fame has forced the sports people to underestimate the consequences of concussions. Sports personalities who suffered even severe multiple concussions, return to the sports arena
7 Pages(1750 words)Research Paper
Gross Domestic Product (GDP)
If the calculated GDP per capita is positive, it indicates that the economy of the nation is performing better compared to the previous year. The positive number shows that the
3 Pages(750 words)Research Paper
Unemployment Rate or GDP OR CPI
In most cases, every year’s GDP is simply a comparison to the previous year or quarter. For instance, when the third year or quarter
2 Pages(500 words)Research Paper
GDP as a measure of welfare
factors like the overall country’s income in terms of taxation or foreign exchange income that determines the measures of living standard of a country but minor elements of education, life expectancy and income equality can be used to categorize the living standard .
2 Pages(500 words)Research Paper
Macroeconomics of China and it's GDP
The recovery within the economy of China shows three major characteristics. The actual economy has been declining steadily from the previous high rates to more stable rates. The rates are far much below the economy’s expectations.
3 Pages(750 words)Research Paper
Let us find you another Research Paper on topic GDP Is Not Enough for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us