At one end of the spectrum, there are the developed countries that spend substantial sum on healthcare and at the other; there are underdeveloped countries that spend a small percentage of their GDP on healthcare.
It will be…
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It is pertinent to note that healthcare spending in year 2001, in Bangladesh, was 3.0 percent of GDP. Against this, the US spending in 2011 is huge to the tune of 17.9 percent of GDP. In 2001, the US spent 14.1 percent of GDP on healthcare. It is important to note that he US social security expenditure on health in the US, in 2011, is 88 percent; however, that stands nil in case of Bangladesh.
In 2011, life expectancy of male and female in Bangladesh was 69 and 70 respectively. That has gone up when compared with the figures of year 2000. In year 2000, life expectancy at birth in Bangladesh was 65 for male and female
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More so, Keynes focused on the use of public policy through both the monetary and fiscal policies through the government. This includes the use of increased government spending rather than reduction in wage rate to influence the reduction in unemployment.
The Gross Domestic Product seeks to measure the sum of incomes received by the different types of sectors of the economy, from manufacturing and wholesale to agriculture and service industries. In most developed countries, this national data is published and revised every three months by the National Statistics Office.
GDP is often expressed as either nominal or real GDP. When UK GDP trend from 1948 to 2005 is expressed in these measures and are graphed together, it should be noted that this will result into two different lines indicating the disparity between their values.
The data used to build and refine the econometric model was extracted from the Economic Trend Annual Supplement (ETAS) presented by the British Office for National Statistics (ONS). This was accomplished by applying fundamental econometric methods such as linear regression, misspecification testing, and hypothesis testing using the computer package E-Views.
As such it is an indicator of a country's standard of living.
Gross Domestic Product (GDP) is defined as "the total value of final goods and services produced within a country's borders in year, regardless of ownership (Gross Domestic Product 1)." In national income accounting, GDP differs with Gross National Product (GNP) as the latter includes inter-country income transfers.