claudian handout3.docx
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ECON1220/1002Handout3
GrossDomesticProduct(GDP):
Part2(Applicationsandlimitations)
Reference:
Chapter8(p.294-302);CurrentIssues:
Readings3,4and5
ISSUE
WHATINFORMATIONCANWEGETFROMTHE“GDP”?
OUTLINE
I.IstheGDPagoodindicatorofthetotaloutputofaneconomy?
II.IstheGDPagoodindicatorofthestandardsoflivingofaneconomy?
(refertoCurrentIssues:
Readings3&4)
III.Thericherthehappier?
(refertoCurrentIssues:
Reading5)
SourcesofDatainthisHandout
∙CrossCountryData:
IMF:
www.imf.org(“dataandstatistics”section–
“worldeconomicoutlook(WEO)Databases”)
∙HK:
CensusandStatisticDepartment(www.censtatd.gov.hk)
I.IstheGDPagoodindicatorofthetotaloutputofaneconomy?
I.A.DoestheGDPcaptureallthefinalgoodsandservicesproducedinaneconomy?
I.B.NotionsofNominalandRealGDP
Table1.GDPofHongKong(HK$billions)
Year
1994
1995
1996
1997
GDP
1,063.25
1,132.55
1,248.01
1,385.59
GrowthRate*
*Growthratefromtimeperiodt-1tot:
Example:
Growthratefrom1994to1995:
_______________________________________
Question1
(a)IfweusetheaveragegrowthrateoftheGDPofHongKongfrom1994to1997asanapproximationofthelong-termgrowthrate,whatshouldbetheGDPofHKin2012?
(b)IfweusetheaveragegrowthrateoftheGDPofHongKongfrom1994to1997asanapproximationofthelong-termgrowthrate,howlongwillittakeHKtodoubleitsGDP?
(c)WhatmaybetheweaknessofusingtheaveragegrowthrateoftheGDPofHongKongfrom1994to1997asanapproximationofthelong-termgrowthrate?
Question2
From1994to1997,thegrowthrateofGDPofHKwasrelativelyhigh.
“ItmustbethecasethattheproductivityofHongKonghassignificantlyincreasedduringthisperiod.”
Doyouagreewiththeabovestatement?
Whyorwhynot?
TheGDPwehavebeendiscussingsofaristhe“nominalGDP”:
themarketvalueofallfinalgoodsandservicesareevaluatedatcurrentprices:
Overtime,anincreaseinthepriceswithoutachangeinthequantityofgoodsandservicesproducedcanleadtoanincreaseinthenominalGDP.
ThenotionofrealGDPistocontrolforthechangeintheprices.Theideaistocomputethemarketvalueofallfinalgoodsandservicesproducedinyeartusingthepricesthatprevailinsomefixedbaseyear.
Mathematically,let:
(i)
bethequantityofeachofthefinalgoodsandservicesproduced
inthecountryintimeperiodt,and
(ii)
bethepricesofthefinalgoodsandservicesinthebaseperiodB.
FinalGoodsandServicesproducedinthecountry
QuantityProducedintimeperiodt
Pricesthatprevailinthecurrenttimeperiodt
PricesthatprevailinthebaseperiodB
1
2
3
:
:
:
:
:
:
N
TherealGDPoftimeperiodtis:
PracticeExercise(NumericalExample1,p.8ofHandout2)
GoodsandServices
CurrentPrice(
)
Quantity(
)
Real
(
)
Nominal
(
)
2004
(1)Converserunningshoes
(2)Nikerunningshoes
(3)Truck
$500
$400
$100,000
60
50
1
$150,000
2007
(1)Converserunningshoes
(2)Nikerunningshoes
(3)Truck
$1,000
$800
$200,000
60
50
1
$300,000
2008
(1)Converserunningshoes
(2)Nikerunningshoes
(3)Truck
$1,500
$1,000
$200,000
55
55
1
$337,500
Table2.RealGDPofHongKong(1994-1997)
Year
1994
1995
1996
1997
NominalGDP
1,063.25
1,132.25
1,248.01
1,385.59
GrowthRateofNominalGDP
6.49%
10.22%
11.02%
RealGDP
1063.23
1,087.61
1133.21
1,190.51
GrowthRateofRealGDP
2.29%
4.19%
5.06%
II.IstheGDPagoodindicatorofthestandardsoflivingofaneconomy?
II.A.InterpretationoftheGDPastheaggregateincomegeneratedintheeconomy
(refertop.99,figure2.6andp.291,figure8.1fordetails)
AggregateExpenditureonfinalgoodsandservices(GDP)
RevenuesofProducers(firms)
…………..
Profit
(incomeoffirmowners)
Salary
(incomeofemployees)
Rent
(incomeoflandlord)
……….
AggregateIncome
II.B.NotionofPerCapitaGDP
PerCapitaGDPintimeperiodt=
Population(thousands)
China
1,359,730
India
1,233,420
US
316,590
Indonesia
237,641
Brazil
201,032
SouthKorea
50,220
Switzerland
8,058
HK
7,174
Singapore
5,310
Norway
5,078
Qatar
1,916
Luxembourg
537
Population(2012-13)
(Source:
Wikipedia)
PerCapitaGDP(2012)(Source:
IMF)
Country
PercapitaGDPUS$
107,206
Qatar
99,731
99,462
79,033
Australia
67,723
Canada
52,232
51,162
US
49,922
Austria
47,083
Japan
46,736
Germany
41,513
38,589
36,667
Country
PercapitaGDPUS$
Italy
33,115
SouthKorea
23,113
Greece
22,055
20,328
Brazil
12,079
Malaysia
10,304
Iraq
6,305
6,076
5,678
Vietnam
1,528
India
1,492
Kenya
977
Cambodia
934
PerCapitaGDP:
HongKongvsSingapore
II.C.ArethereanyfactorsthataffectthestandardoflivingbutnotcapturedbytheGDP(orpercapitaGDP)?
Anexample:
WarandGDP(p.299text)
RefertoCurrentIssues:
Readings3&4
III.
TheRichertheHappier?
(RefertoCurrentIssues:
Reading5)
HappinessSurvey(WorldDatabaseofHappiness)
Datafrom2000to2009
Scoreonthe“SatisfactionofLife”:
“0”dissatisfied;“10”satisfied
Country
AverageScore
CostaRica
8.5
Denmark
8.3
Iceland
8.2
Switzerland
8.0
Norway
7.9
Mexico
7.9
Canada
7.8
Luxembourg,Australia
7.7
Brazil
7.5
US,NewZealand
7.4
UnitedArabEmirates
7.3
UK,Germany
7.1
Singapore
6.9
Japan
6.5
China
6.3
Taiwan
6.2
HongKong,Croatia,Korea
6.0
Slovakia,Philippines,Iran,Jordan,Tunisia
5.9
Hungary,India,Russia
5.5
Cambodia
4.9
Iraq
4.7
Bulgaria
4.4
Kenya
3.7
Zimbabwe
3.0
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