Gdp .. Measure of Welfare ?

This question highlights some of the problems that accompany the indiscriminate use of GDP comparisons across countries or over long periods to compare welfare levels.

One approach to comprehend the economy in Somalia is to consider appraisals of per capita Gross Domestic Product (GDP). Gross domestic product is a measure of the aggregate yield of a

The GDP per capita is frequently used as a pointer as the average of living for individuals in a specific area, and economic growth means the increase in the average standard of living. Though, there are a few struggles in using the GDP per capita to calculate the general well being. For example: 1- GDP does not provide any information relevant to the sharing of income in a

Measures of economic well-being such as GDP are subject to some limitations hence it is appropriate to use other alternative measures of economic growth. The limitations of GDP in measuring the economic well-being of a country include failure to capture the underground economy and failure to capture changes inequality. Others include the development of new products and failure to take in account human or leisure costs (Maddison 48).

It was discovered that “overall poverty (share of the population under the UPL) is relatively widespread in Syria, affecting 33.6% of the population. This implies that 6.7 million Syrian people are considered poor.” (Ismail,Gadir,Laithy, p.6) Of these peoples, 2.4 million are living in a state of extreme poverty. Now, with economic sanctions and the syrian civil war, it’s reasonable to assume that the country has had some hard times. However, Syria’s GDP is about 40 billion dollars according to Trading Economics, an organization dedicated to providing global economic statistical data. With such an annual intake, there should be enough money to invest in the people. Unfortunately, Syria’s government is plagued with corruption and money is mostly concentrated in the hands of wealthy individuals who are connected to the government. This is a direct violation of Article 7 of the D.H.R. because not all people are equal before the law. Those with more money and loyalty to the government are given opportunities to prosper while the majority of people can barely afford to put food on the table or a roof over their

Economic growth, put simply, is “an increase in the amount of goods and services produced per head of the population over a period of time”; development is inextricably linked with this economic growth. By utilising theories of economic growth and development we can see how the Chinese and Sub-Saharan African economies have emerged, but, more notably, we can use these to look at patterns from past and present to show their experience and the implications of this growth for the future.

Egypt has long been seen as a place rich in tradition and culture. With specific respect to Siwa, a region in the country, this was very much true when it was discovered by an investor in 1995, who described it as untouched by time. Despite its recent rocky revolution, Egypt has strived to place itself in a position to be a model not just for Africa, but for the whole of the Arab World, and has done so by promoting freedoms and encouraging foreign investment through various liberal policies. This has helped alleviate the country's employment problem, but much remains to be done, and not all reforms have been wholly positive. The paragraphs below will focus further on the Siwa region, and the specific project which it entails, and will discuss the objectives of the project introduced here, as well as pertinent issues and how they have and will affect the country.

Robert F Keneddy speech on GDP highlighted the unique aspects associated with the understanding of GDP. The speech talked about the meaning and importance of GDP and the misinterpretations that are often attached with the concept. He was of the view that accumulation of material things has remained a main focus of economic agents and doing so community values and community excellence are often compromised. In his speech he presented an important concept that GDP cannot be used as a measure of welfare of wellbeing of the economy because it does not take into account the health of individuals, their standard of living, quality of education provided to the individuals etc. In this way it is not a good option to rely on GDP while having an idea about the development of an economy.

Sub-Saharan economy has improved overall, but the region is still struggling with their economic performance. Prolonged colonization has left the region with weak institutions. Personal rule policy that is based on personal relationships and favors, has also contributed for the prevalence of weak institutions. The rules are applied selectively and depends on the connections one has. The wealth of the state belongs also to the head of the state and those closest to him (Moss 2011, p. 40). Furthermore, the enclave economy does not depend on development or production since it is based on resource exports and accumulation of wealth for the elites. Leonard and Straus argue that enclave economies discourage evolution of the institutions due to lack of incentives, and are the basis for personal rule (Leonard and Straus 2003, p. 13, 17).

Low income countries have a GNP per capita of $995 or less, this translates into stark poverty on a massive scale.(de Haan, 1996) With populations experiencing income at this level most of their potential productivity is not

Second largest country in Africa, tenth largest country in the world, diverse culture extending from the Mediterranean coast to the dunes of the Sahara Desert...Algeria. Even with its massive size the current status of Algeria’s economy is quivering in the lofty winds of the Tell Atlas Mountains. The economy tends to remain dominated by the state, which is accordingly a legacy of the country’s socialist post-independence development model. Hydrocarbons are the backbone for Algeria, accounting for 60% of budget revenues, 30% GDP, and 95% of export earnings. Reviewing the last five years we see the government halting privatization of state-owned industries, and increasing the restrictions of imports and foreign involvement. Algeria’s

The economy in the United Arab Emirates has experienced substantial increases in the last 40 years. The UAE’s capabilities with the pearling and oil industries have given the region its necessary budgets to expand so rapidly. The economic policies in the UAE have gone through stages, since the birth of the region in 1971. Changes in economic welfare of the markets, and privatization policies are also key aspects in understanding the UAE’s economic liberalization and growth. In order to understand the UAE’s economic standard, economic liberalization must be analyzed. The argument of this paper will discuss how economic liberalization has occurred in the United Arab Emirates and is continuing to grow.

In earlier times Gross Domestic Product was one of the main indicators to measure a country’s wealth. Gross Domestic Product (GDP) is defined as the total value of all the goods and services produced by a nation in any given year ("Is the Gross Domestic Product (GDP) a Good Measure of Prosperity?"). There are two ways of calculating a country’s GDP. The first is the income approach which is calculated by adding the wages of workers, income from rent, interest and profits. The second, more common form of calculating GDP, is the expenditure approach. Here GDP totals consumption expenditure, investment, government spending and net exports. GDP statistics are considered to reflect a county’s economic output which could possibly lead to growth. However GDP is a measure of income and it should not be confused with wealth. Which is why most modern economists do not consider GDP to be a good measure of a

According to the report of the Commission on Growth and Development, persistent, determined focus on inclusive long-term growth by governments is one of the ingredients of a successful growth strategy. Yet, there is limited analytic work integrating the literature on growth and productive employment. 5 The term ‘shared growth’ can be misunderstood as implying a focus on income distribution schemes, which is why inclusive growth is preferred. 6 Source: Growing Unequal? Income Distribution and Poverty in OECD Countries, OECD (2008).

The UAE 's economy is the most diversified in the Gulf and the wider region. There’s no income tax. The gross domestic product is 67,616 dollars US per capita. The country oil and gas reserves are among the richest in the world. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to twenty five percent with a plan to push it to zero within next fifty years (Renewable Energy Prospects: United Arab Emirates p. 30). Low prices of oil have prompted the UAE to take steps to reduce its spending on country wide social programs, including eliminating fuel subsidies in August 2015. The IMF recently praised the vision and fiscal policies adopted by the country that