(Macro) Episode 20: GDP
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Uploader Comments (mjmfoodie)
All Comments (34)
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@treysparker That's why we have a GDP deflator you dumb-ass, It accounts for inflation. Nothing is as dangerous as a half educated person.
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Right, i get that you don't count the value of the wheat 3 times, and that only when it is sold as a final good is it counted. How come business investment is counted? For example if American Airlines buys a plane which has a service life of 10,000 flights. Over those 10,000 flights passengers are going to be paying for the plane as part of the service. So could it not be argued that the plane has been counted twice: AA paying for it, and the passengers covering the cost via tickets?
Thanks
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I have an exam in two days. This is giving me much-needed hope.
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@mjmfoodie Sure honey, you can marry him.
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thanks. this helped
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@treysparker it would be offset by inflation
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I would say that a better formula at the end would be:
GDP = C + I + G + (X - M)
"M" stands for iMports.
I think it is importand that imports are taken into account as well as exports. So use this formula in the exam it's much better.
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Will you marry me?
Olewedelfan 1 month ago in playlist Macroeconomics modules 4
@Olewedelfan Let me check with my husband first...
mjmfoodie 1 month ago 13
GDP is complete hoax.
It doesnt measure real growth by any means.
Lets assume the Federal Reseve prints 100 trillion, and gives everyone a check in the mail divided equally.
Our GDP would take off like a rocket, but our growth wouldnt be real growth, it would only grow in nomal value not real value, especially if we go into huge debt in order to do so.
Theoretically we could have an infinite national debt, while maintaining a high GDP.
Would one conclude we're well off? OF COURSE NOT!
treysparker 8 months ago
@treysparker Um - did you watch the part about real vs nominal GDP, and the part where the growth figures deal with Real GDP, and not nominal GDP, for reasons that include those that you mention?
mjmfoodie 8 months ago 3
building an extension to a house would that be included in GDP?
6264679 11 months ago
@6264679 As long as it's a "final good or service," it counts.
mjmfoodie 11 months ago