Gross Domestic Product (GDP) I had been extremely very keen on - TopicsExpress

Gross Domestic Product (GDP) I had been extremely very keen on the use of the above three words abbreviated as GDP for the last five years. It always numb me why great economists of all times never find an understandable version of measuring nations wealth and rather rely on a crude method of estimate. When any individual(s) or group(s) list, Qatar,Luxembourg,Norway,Canada ,USA ,Australia,Sweden ,UK etc in whatever order as the worlds wealthiest nations on earth basing their findings on GDP per capita, a lot of information are assumed and ignored, yet some people go proudly that such a statistic provides undisputed result. Gross Domestic product was first introduced by Simon Kuznets during US Congress report in 1934. Kuznets went ahead and warned against it use as a measure of welfare and this is where I came to disputes it. Briefly, let me explained what the GDP per capita predicts and I will illustrates using India as an example.In the 2014 estimate, India has GDP nominal of US $ 2.048 trillion with per capita of US $ 1,626. This figures are interpreted as, every household or person in India earn approximately that amount of money periodically including the homeless and this is by far unreasonable and can not be counted on. I may not be in a position to provide alternative method of wealth computation for obvious reasons that my economic comprehension are limited to basic facts and this may dictates why I failed to appreciates Kuznets method of wealth comparison... However, I still maintain my position that GDP as a method of ranking countries in term of wealth is immensely unsatisfactory.

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