Nominal GDP Versus Real GDP
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Honestly, the music + the irrelevant film clips of rocks and the ocean + the distracting large-font print in the background = I could watch this 27 times and still not know what you said man. Great information, but clean it up and it will likely be more easily communicative with students / interested YouTubers! :D
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Why is it not accurate to use real GDP to see a nation's wealth and real annual outputs? Mr.Drzaheer
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Good lecture but WHY you put music behind?
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Apparently, using nominal GDP in USD to measure a country's wealth is bullshit. A lot of country's currencies are undervalued.
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Since average price level of a country is constantly changing, the real value of its currency is also changing. At any given time the value of a nation's GDP is measured at the current value . Thus, the need for converting the nominal GDP into real GDP from time to time but not instantly.. You are right that using nominal GDP as a measure of a country's wealth is misleading and many nations hide behind it to overstate its wealth. But measuring real GDP is not
accurate and reliable also.
DRZAHEER1 1 year ago