Limitations of GDP발음듣기
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Limitations of GDP
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Gross domestic product a measure of the aggregate goods and services produced in a country in a year.발음듣기
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But what we're going to discuss in this video is how good a measure GDP is and in particular some of the things that GDP does not measure.발음듣기
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So in general what's the motivation for wanting to know the aggregate goods and services produced by a country?발음듣기
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And then if you take GDP and you divide by the number of people in a country you get things like GDP per capita.발음듣기
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And this you could view as well that's an indicator of well-being with the idea that well if there's just more goods and services produced per person that maybe people in that country are going to be better off.발음듣기
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If I call up a taxi or an Uber or Lyft or something like that and I take it to the airport so they drive me to that airport that fare that they charge me that will be included in GDP.발음듣기
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On the other hand if I were to get my wife to drive me to the airport all of a sudden that would not be counted in GDP even though the exact same service has been performed.발음듣기
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And that's because my wife or your roommate or your best friend giving you a ride is a non-marketed service.발음듣기
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If, that's my best drawing of a child really fast if you hire a babysitter or if you hire a nanny to take care of your child that should be included in GDP.발음듣기
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Although if you yourself take care of your child that will not be included in GDP because once again you taking care of your child would be a non-marketed service.발음듣기
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Now the other thing that GDP does not include are illegal activity or you could even say under the table activity, some of which is not illegal.발음듣기
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For example if someone were to pay their babysitter and if it doesn't get registered in taxes someplace well even that will not be reflected in the GDP number.발음듣기
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It's not an illegal activity but it should've officially been registered with the IRS and then it would've been counted as GDP but in this case, it wouldn't have.발음듣기
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And also of course you have black markets illegal activity that for sure would not be included in GDP.발음듣기
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If someone were to illegally sell you fireworks, let's say they're banned in your state and of course they're not gonna report it to the government.발음듣기
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But you might say okay that's all right you're gonna miss some things but directionally if GDP is growing especially if GDP per capita is growing surely that is a good thing.발음듣기
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It is not capturing even if you were able to measure non-marketed goods and services or under the table or illegal activity it doesn't capture things like let's say pollution.발음듣기
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You could have a country whose GDP is growing very fast but in the process the country gets very polluted.발음듣기
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In general countries with a high GDP per capita usually do have good health care mainly because they have more resources for health care.발음듣기
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These are all things that would affect any human being's well-being but they are not of course captured in GDP.발음듣기
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Now to appreciate the different ways of ranking countries in an attempt to get at well-being you could first of all look at GDP rankings.발음듣기
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You can see the United States is on top with 18.6 almost trillion dollars of GDP as measured by the World Bank and you see the ranking.발음듣기
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Now if you wanted to go by per capita because you say hey this doesn't tell you how many people are there.발음듣기
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What matters is how much productivity divided by the number of people if you really wanna measure per person well-being.발음듣기
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And notice here, the United States is still quite high but it's nowhere near as high as Luxembourg.발음듣기
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Now another thing to appreciate is this GDP per capita just takes the nominal GDP and divides it by the number of people there are in a country.발음듣기
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There might be more wealth inequality or less wealth inequality and once again that is not captured by GDP.발음듣기
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Also even the GDP per capita doesn't really tell you how much you can buy with that per capita GDP.발음듣기
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This is a sense of per capita GDP but adjusted for how much you could buy with those resources that are measured in U.S. dollars.발음듣기
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Qatar was pretty high but I guess you can buy more and get more goods and services with that nominal GDP per capita as measured in U.S. dollars in Qatar than you could say in the United States.발음듣기
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There's no such thing as an absolutely perfect measure of economic activity, much less well-being but GDP is the best measure that we have although I encourage you to think of others.발음듣기
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And I'm not gonna go into all of the details but beyond GDP it also considers things like health or other measures of well-being.발음듣기
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And as you can see the countries at the top here tend to have fairly high GDPs but this ranking is not the same as the ranking that we saw on the GDP per capita with the purchase power parity.발음듣기
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