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Modelling the Statistics of Economy: Influence of Gross Domestic Product and Income distribution on Gross National Income - Essay Example

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This essay is an econometric analysis of the various economic statistics in terms of a specific model that best describes them. The major statistics of the economy as described in NationMaster website include  Gross Domestic Product (GDP), Purchasing Power Parity (PPP), distribution of income, distribution of consumption, gross national income, GDP. …
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Modelling the Statistics of Economy: Influence of Gross Domestic Product and Income distribution on Gross National Income
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Modelling the Statistics of Economy: Influence of Gross Domestic Product and Income distribution on Gross National Income

Download file to see previous pages... The Gross National Income for countries is an economic index reflecting the Gross Domestic Product (GDP) and other economic statistics. While GDP is the net value of all producers along with the taxes, Gross national income is the sum of GDP and all income from abroad. Both GDP and GNI talk about the economic status of a country. It is a measure of the economic development of a country involving the nations expenditure, income, and national output. the GDP is an estimate of the living standard of a country as the per capita measure of GDP measures the average income per person of the nation. The Purchasing Power Parity (PPP) of GDP is the measure of the GDP in terms of international currency. The GDP (PPP) per capita is the variation divided among the population.
The income inequality or income distribution has been a great concern for an economist in the recent past. This dimension highly influences the political and social dimension of a country. Both developing and developed countries tend to concentrate on equality in income distribution (ILO, 2004). Isabel and Matthew (2011) have discussed income inequality in terms of market exchange rates, national history, PPP exchange rates, across different regions of the country and the takeaway. They also discuss the income distribution pattern among poor, women and children. The widely used measure of income inequality is in terms of Gini index, which is a coefficient measured in terms of Lorenz curve. If each person has the same income, then, the Gini coefficient is Zero (0). A Gini coefficient of One (1) conveys that income is confined to only one person in the population.
This project intends to concentrate on these aspects (GDP, PPP, Income distribution and Gross National income). The econometric model that has been planned for implementing this project is the regression model.  ...Download file to see next pagesRead More
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