Does GDP growth measure what society values or the progress achieved in a country?
October 23rd, 2009 | 
Author: TI CINEMA
TOPIC: ECONOMIC REFORMS
Source:
This clip by The Real News looks at if GDP growth measures what the society values or the progress of the society. Senator Baron Dorgan shares during a senate hearing on usefulness of using GDP as measure of economic progress in US. Martin Collier, director of Glaser Foundation, a Seattle based think tank that is evaluating the usefulness of GDP as an indicator, also shares his views.
Posted in Opinion
4 Responses to “Does GDP growth measure what society values or the progress achieved in a country?”
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Every time something dramatic happened then we start to look closer that is bad. Shouldn’t we listen even when we are doing well so that we do not break apart? This issue is dry and nothing for the ordinary people to discuss about. It is great for one who aspire to become an economist.
I did not mug hard enough to be a scholar but i did receive some basic education in economics from my well-used Lim Chong Yah textbooks and some from Paul Samuelson.
Kindly bear with while i humbly suggest the follwoing basic equation for the new economy of GLOBALISATION:-
G=g(infintiy)X c(infinity)
where G=GLOBALISATION( gdp )
g=greed and,
c=corruption
So,you see GDP increases if both g and c increase
In some countries ,G is inflenced by both g nad c
in others,either g or c
However,you can a variations of both,depending on where you live but the equation stands.
Where is the basis of true ECONOMICS when oil price skyrocketted to usd 147 and then dropped like the “D24″ early next morning?-Of course i exaggerate a bit lah for DRAMA leh.
Now,when global economy is wobbly,oil price zoomed past usd 80 going to usd 100 per barrel …wow! champion…where is demand and supply…Prof Lim Chong YAH may want to update his books leh?
Just an aside: WHAT IS “…WORTH THAT POT OF GOLD?”…Now,another champ performer..looking more exciting in WALLSTREET again,huh?They solve their crisis so fast ? blur leh
Some newsreader so professionally told me in high economics jargon…it’s now usd 1045! or more…i must go watch the CNA BUSINESS TONIGHT.
But,my simple equation gives different answer: GREED!
GDP = private consumption + gross investment + government spending + (exports − imports)
High GDP in Singapore equal to
1)private comsumption = increases in cost for private consumption eg like higher housing price, transports etc.
2)Gross investment = includes business investment in plant, equipment, inventory, and structures . Like Investment of SIP in Suzhou and any part of china.
3)government spending = is the sum of government expenditures on final goods and services. It includes salaries of public servants, purchase of weapons for the military, and any investment expenditure by a GIC or Temasek.
4)Exports = represents gross exports. GDP captures the amount a country produces, including selling of govt asset and company to foreigner.
and not equal for measuring progress in increasing the standard of living in Singapore.
soundsofsilence: This issue is dry and nothing for the ordinary people to discuss about. It is great for one who aspire to become an economist.
haa… this is so silly a remark… if the issue is dry and nothing for ordinary people why will US senator hold hearings and why will think tanks research so hard on this issue. also are the US senator and the think tank aspiring to become economists?
i notice that when the alternative websites such as TOC and TR put up something so credible and impartial where the stooges of PAP have nothing to rebut, they start dishing out rhetoric such as the above to spike the minds of singaporeans… well singaporeans are not that stupid