GDP by Country (A Course in Miracles Community)

Title: GDP by Country

neo - October 17, 2005 11:04 PM (GMT)

I find this an interesting list to compare the Gross Domestic Product of various Countries:

Source

PamR - October 21, 2005 11:23 PM (GMT)

I thought that GDP was a measure of the standard of living in a given country. Difficult to believe that China is second only to America in that department!

neo - October 22, 2005 12:08 AM (GMT)

GDP stands for Gross Domestic product. Certain countries like China can have a high GDP because they have high exports but have a poor standard of living.

QUOTE

The major disadvantage of using GDP as an indicator of standard of living is that it is not, strictly speaking, a measure of standard of living. GDP is intended to be a measure of particular types of economic activity within a country. Nothing about the definition of GDP suggests that it is necessarily a measure of standard of living. For instance, in an extreme example, a country which exported 100 per cent of its production would still have a high GDP, but a very poor standard of living.

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