Joseph Stiglitz - Problems with GDP as an Economic Barometer
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We should change the system world wide.
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I'm not a big Stiglitz fan, but I agree 100% with what he's saying
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hahaha "unitek stake"?
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The reason is that China doesn't invest in the Nobel fund.
For instance, Japan invests about 1.5 billion yen in the Nobel fund every year.
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you are not alone.. but he makes sense :P
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$300+ billion goes to profits of the insurance companies or 30%
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lovin it joe. keep the knowledge coming
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Capitalism FTW! Doin it right is what matters...
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@ThoseWhoStayUofM I wasn't meaning to suggest anything about being able to measure them with other systems I was just wondering (as you appear to know what you are on about) whether there is a way of incorporating preventative stuff into how you measured it that wasn't mentioned or whether it was deliberately not included because it couldn't be measured. I don't know anything about other ways of measuring healthcare but what you are saying seems reasonable enough.
What Stiglitz means is that although GDP has been rising in the past decades, inequalities and poverty have risen. Wealth has not trickled down enough to society, as hoped. Wealth is now more and more concentrated in the hands of less and less people. Basically it's possible that a country has a high GDP but say 90% of its population are dirt poor. So striving solely for a high GDP is not enough. We need a more sophisticated and more up too date indicator for measuring wealth than GDP.
psa12 1 year ago 12
Summary of the clip:
GDP mis-represents
1. Wealth distribution (GDP goes up while 50% population income goes down)
2. Stability (environmental problems may emerge in the future)
3. Actual wealth (difference between GDP & GNP)
rainzoro 1 year ago 2