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Economic growth is one of the macroeconomic objectives of the Australian government . Outline the problems that arise in measuring economic growth - Essay Example

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The GDP growth rate in 2011’s second quarter was 1.2%. in history, from 1959 to 2011, the average GDP of this nation was about 0.89% and it reached its maximum at 4.6% in year…
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Economic growth is one of the macroeconomic objectives of the Australian government . Outline the problems that arise in measuring economic growth
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Extract of sample "Economic growth is one of the macroeconomic objectives of the Australian government . Outline the problems that arise in measuring economic growth"

Problems that arise while measuring Economic growth Australia applies the Gross Domestic Product approach towards measuring her economic performance. The GDP growth rate in 2011’s second quarter was 1.2%. in history, from 1959 to 2011, the average GDP of this nation was about 0.89% and it reached its maximum at 4.6% in year 1976 and its lowest at -2.7% in year 1974.
This approach towards the measurement of economic growth has however been faulted for certain reasons. Firstly is the fact that it should only be applied as an indicator as opposed to as an absolute scale of measurement. Some of the factors that GDP measurement cannot put into account is the level of inequality in the economy like the Gini coefficient or the Lorenz curve can. It also fails to consider the externalities that may be negative like those caused by pollution as well as depletion of resources. (tradingeconomics.com, 2011)
Globally, the process by which the wealth of a nation is determined or poverty is a complex task since there lies a predicament while trying to obtain compatible type of data. Different nations may be having different data types and thus, comparison in performance fails to be objective at the end.
GDP as mentioned earlier is the method that is mostly used in the world to measure a country’s growth and Australia has followed this method as utilized by United Nations. This GDP method does not consider the incomes that come from corporations and individuals. This is especially if these incomes come from foreign sources and this approach further shows the weakness of measuring the growth of a nation.
The alternative method, (just to mention), that was usually used to measure an economy’s growth and that was applied universally in the world was GNI. The difference arises where GNI considers income from outside the country while GDP does not. (Kendall, 2010 p290)
Work cited:
Kendall, Diana. Sociology in Our Times. Edition 8. Cengage Learning. (2010). p290.
tradingeconomics.com. Australia GDP Growth Rate at 1.20 percent. (2011). Retrieved 14 October 2011 http://www.tradingeconomics.com/australia/gdp-growth Read More
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