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This can lead to misleading characterizations of economic well-being if the income distribution is heavily skewed toward the high end, as the poorer residents will not directly benefit from the overall level of wealth and income generated in their country (their purchasing power can decline, even as the mean GDP per capita rises). GDP per ...
Most investors heaved a sigh of relief when the nation's gross domestic product, a broad measure of economic activity, rose 3.5% in the third quarter, signaling that the recession had ended. But ...
Decisions based on economic theories that are not scientifically possible to test can give people a false sense of precision, and that could be misleading, leading to build up logical errors. Natural economics: Economics is concerned with both 'normal' and 'abnormal' economic conditions. In an objective scientific study one is not restricted by ...
Statistics, when used in a misleading fashion, can trick the casual observer into believing something other than what the data shows. That is, a misuse of statistics occurs when a statistical argument asserts a falsehood. In some cases, the misuse may be accidental. In others, it is purposeful and for the gain of the perpetrator.
GDP is hardly a hallowed metric, nor is it infallible. On the first count, remember that up until 1991, we used to use GNP ( gross national product ) to measure the economy.
A basic guide to how the health of the economy is measured, and why that calculation matters.
Genuine progress indicator (GPI) is a metric that has been suggested to replace, or supplement, gross domestic product (GDP). [1] The GPI is designed to take fuller account of the well-being of a nation, only a part of which pertains to the size of the nation's economy, by incorporating environmental and social factors which are not measured by GDP.
The first quarter GDP is expected to show an economy still growing even as more clouds gather, and spring looks stormy. Financial journalist Tom Hudson is chief content officer at WAMU public ...