ECO 100 WEEK 6 DISCUSSION
“Is the GDP Still Accurate in the Digital Age?”
What the GDP measures, if anything, has become quite the issue in the digital age. Consider this data:
In 2012, U.S. Real GDP was $15,345.63 billion and Real Per Capita GDP was $48,842 billion.
Five years later, at the end of 2017, U.S. Real GDP was $17,096.18 billion and Real Per Capita GDP was $52,446 billion. (All data was extracted May 20, 2018, from FRED https://fred.stlouisfed.org/.)
Read this blog, GDP: Falling Short, to help you answer this week’s discussion questions.
Reply to these questions in your response:
• Considering the data above, did the U.S. make progress? Explain your answer.
• Given what you know now about economics, should the measure of GDP be changed? Why or why not?
Talk with a peer:
Review a peer’s post and let him/her know if you agree or disagree with their reasoning about U.S. progress or the measure of GDP.
GDP does not tell us how the average person is really doing. There are many videos on this. Here is just one.https://www.youtube.com/watch?v=VYoz9wHan0Q
For perspective on “keeping score,” comment on these 2 videos, especially the first, which is mind blowing!
Wealth Inequality http://www.youtube.com/watch?v=QPKKQnijnsM
NOTE: THREE DIFFERENT ANSWER POSTED CHOOSE ANYONE