chapter 6.5 part 2 Flashcards
what does GDP not say
GDP has nothing to say about the inequality in our society
what does GDP per capita rise mean
GDP for everyone has one has risen, GDP of others has risen by more and others has risen by less- or even declined
what is another thing GDP does not say
GDP has nothing in particular to say about the variety available
does GDP have something to say about technology and products available
no
what does a rise in GDP mean
not necessarily a good thing
does GDP per capita capture the full standard of living
not fully. Things that are bad overstate GDP
when does GDP understate the standard of living
the actual standard of living for Americans has exceeded the GDP
high level of GDP should not be
a macroeconomic policy, or gov policy broadly
what is a positive way to see a significant higher GDP per capita
improvements in everyday life like education, health, and environmental protection
what is GDP per capita
a rough and ready estimate of the standard of living
Simon Kuznets
creator of GDP
what was the GDP in the third quarter of 2021
$23.2 trillion worth of goods and services a year
