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Its eighty years since GDP was first developed, time for a different measure of national success? | Post2015.org - what comes after the MDGs?

Its eighty years since GDP was first developed, time for a different measure of national success? | Post2015.org - what comes after the MDGs? | Pre-U Macroeconomics | Scoop.it
By Michael Green at the Social Progress Imperative The global economic downturn has created something of an obsession with getting back to economic growth. Yet, on its own, growth is an incomplete guide to the wellbeing of a country. Indeed, the adoption of the Millennium Development Goals was a recognition that we need measures other than growth…
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Albert Condron's comment, November 2, 2015 6:57 AM
First GDP does not give an accurate portrayal of the state of an economy as it gives no indication of a country's level of debt. An example of this is Japan which has the 4th highest level of GDP in the world but also the highest debt to GDP ratio at 243.2% in 2013.
Albert Condron's comment, November 2, 2015 6:59 AM
Secondly it does not take into account the level of corruption in a country and a prime example of this is Russia as it has the 10th highest GDP in the world but it also ranked in the top 20 most corrupt countries.
Harran Singh's comment, November 2, 2015 11:17 AM
Distribution of money
One problem of GDP is that it shows the standard of living as a general view of a country’s economy rather how each individual is living their life. An example where this can be best portrayed is by comparing the GDPs of Singapore and China. Even though China has a much greater GDP than Singapore ($10 trillion compared to $307 billion), there are many more people in China and therefore their GDP per capita (when the GDP of a country is split by the number of people that live there) is significantly lower: $67,000 in Singapore compared to only $13,000 in China. However even this figure is distorted as there is probably a lot of wealth inequality in China so the majority of the population are living in conditions which are even worse than shown by even the GDP per capita.

Law
In a country where there is a strict system of law, such as Saudi Arabia, where lashings and stoning are not seen as basic violation of human rights if exercised through the law, then there will inevitably be a lower standard of living than if such measures were not introduced. One may believe that this does not affect standard of living because if you break the law, then such punishment may be warranted and therefore by staying ‘in line’ you would never experience such problems. However these punishments do have an effect on standard of living because one may be punished for such ‘crimes’ as adultery (which is legal in most countries) or even expressing your true opinion (which is a basic human right).
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Can Nigeria replicate China's economic transformation? - BBC News

Can Nigeria replicate China's economic transformation? - BBC News | Pre-U Macroeconomics | Scoop.it
China emerged from chaos 35 years ago to become perhaps the largest economy in the world. The BBC's Martin Patience asks if Nigeria can do the same.
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For Britons, poverty is now a bigger worry than unemployment

For Britons, poverty is now a bigger worry than unemployment | Pre-U Macroeconomics | Scoop.it
A new higher minimum wage could reverse that—for better and worse
Mo Tanweer's insight:

Poverty in the UK - so often taught as an LEDC problem but one that is a real problem in low-wage-Britain... the focus on the budget deficit detracts from the real government priorities... 

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The Global Gender Gap Report 2015

The Global Gender Gap Report 2015 | Pre-U Macroeconomics | Scoop.it
The Global Gender Gap Index featured in the 2015 Report ranks over 140 economies according to how well they are leveraging their female talent pool, based on economic, educational, health-based and political indicators.
Mo Tanweer's insight:

Yemen worst ranking country for Gender Equality. Pakistan 2nd worst. Iceland and Norway top.

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George Osborne must lower the apprenticeship levy and focus on engineers not hairdressers

George Osborne must lower the apprenticeship levy and focus on engineers not hairdressers | Pre-U Macroeconomics | Scoop.it
The Chancellor should listen to his critics and lower the mooted 0.5pc levy on employers payrolls to 0.3pc, says James Quinn

Via Graham Watson
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Graham Watson's curator insight, November 19, 2015 5:17 AM

James Quinn in today's Telegraph looks at the Apprenticeship Levy and highlights the concerns of businesses about the lack of skilled labour being produced by Britain's education system. The usual evaluative concerns - opportunity cost, government failure and distributional issues get and airing and he suggests that for all the rhetoric Britain still falls short in this regard, relative to our continental trading partners.

 

And as for "three million apprenticeships" by 2020? Unlikely, I'd say...

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40 Percent Of People Without Bank Accounts Live In Just 3 Countries

40 Percent Of People Without Bank Accounts Live In Just 3 Countries | Pre-U Macroeconomics | Scoop.it
India, Indonesia and China are home to about 780 million people with no bank account
Mo Tanweer's insight:

Obstacles to growth - the problem of complementarities (chicken and egg situation) - which comes first: the bank or the customer?

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“What are the economic possibilities for our grandchildren?” « Debtonation: The Global Financial Crisis

“What are the economic possibilities for our grandchildren?” « Debtonation: The Global Financial Crisis | Pre-U Macroeconomics | Scoop.it
Mo Tanweer's insight:

Time to revisit Keynes

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Is the UK bad at innovation? | FT Business - YouTube

► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs Despite being a hub of creativity, there is a perception among some people that the UK...
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UK service sector growth picks up - BBC News

UK service sector growth picks up - BBC News | Pre-U Macroeconomics | Scoop.it
Growth in the UK service sector accelerated last month, according to a closely watched survey.
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Asia Drags Down WTO Trade Forecast | Trade Outlook

Asia Drags Down WTO Trade Forecast | Trade Outlook | Pre-U Macroeconomics | Scoop.it
WTO lowers its forecast for trade growth as slowing economies in China, Brazil and other emerging nations and lower oil prices drag on the global economy.
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Antigua & Barbuda takes its WTO issue to the UN | Antigua Observer Newspaper

Antigua & Barbuda takes its WTO issue to the UN | Antigua Observer Newspaper | Pre-U Macroeconomics | Scoop.it
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Orlando Davies's comment, October 7, 2015 4:48 PM
This articles highlights how many big countries take advantage of the smaller ones by putting obstacles in the way of their attempts of growth. The Prime Minister of Antigua, Gaston Browne, said that the WTO is not treating them how they should be. He said that barely any attention is paid to the need for access to concessionary financing to fund development. In this article Browne says that his country has been labelled with a bad tax record by the USA, which is incorrect. As a result, Antigua does not have as many trade partners in Europe as it should do. Antigua is not the only small country in the Caribbean to have been put on this 'tax haven' list. With these small countries losing out on relations with financial institutions in Europe as well as their regional banking system collapsing. No one in the small states will be able to pay for any goods or services purchased from the United States and Europe, including food, tuition and medication.
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WTO deal to cut tariffs on IT products - FT.com

The US, China, the EU and more than 50 other members of the World Trade Organisation have sealed an agreement to reduce tariffs on IT products including game consoles, semiconductors and printer cartridges in a move that should lead to increased
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Alex Fordham's comment, October 9, 2015 10:53 AM
The aim of this deal is to decrease the tariffs on many IT products such as game consoles and print cartridges. It will be signed by the US, China, the EU and 50 other nations. This deal will add over 200 more products to the 1997 Information technology act. Many of these products have had tariffs placed on them and in some countries these are as high as 30% the price of the products. by getting rid of these large costs you are likely to see a large positive multiplier as employment rises as well as worldwide GDP growth and decrease the price of the products for the consumers. This deal has become the largest tariff eliminating deal the WTO has produced in over two decades and looked set to be signed after disputes between China and the US were finally agreed upon.
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The WTO Rare Earths Trade Dispute: An Initial Analysis — Technology Metals Research

The WTO Rare Earths Trade Dispute: An Initial Analysis — Technology Metals Research | Pre-U Macroeconomics | Scoop.it
Gareth Hatch analyses the WTO rare earths trade dispute, discusses possible responses from China, and the consequences of the potential outcomes.
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Mega train delivers Australian record - BBC News

Mega train delivers Australian record - BBC News | Pre-U Macroeconomics | Scoop.it
Australia's longest-ever grain train has rolled across north-western New South Wales carrying 5,000 tonnes of wheat.
Mo Tanweer's insight:

Improving supply side product markets efficiency

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Autumn Statement 2015: Cost of HS2 rises to more than £55bn

Autumn Statement 2015: Cost of HS2 rises to more than £55bn | Pre-U Macroeconomics | Scoop.it
The high speed rail link is one of a number of projects set to benefit from £61bn in capital spending

Via Graham Watson
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Graham Watson's curator insight, November 26, 2015 4:17 AM

Hidden away in all the furore surrounding the Autumn Statement, this nugget. The cost of HS2 is rising - well, I never, overspending on an infrastructure project - get the London 2012 involved!

 

However, the real issue here is whether this has changed the underlying economics of the project because it's clearly increased costs and, one would assume that benefits remain unchanged, so what does this mean to the net benefits associated with HS2?

 

The other issue that it raises is the opportunity cost of this - the transport budget has been slashed by 37% and thus a rise in the cost of HS2 has obvious implications for spending elsewhere on the transport network, and, by implication, Britain's supply-side. Hence, despite the welter of microeconomic issues mentioned in the first two paragraphs. 

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Wiltshire's entire NHS Children's Services privatised to Virgin in £64 million deal

Wiltshire's entire NHS Children's Services privatised to Virgin in £64 million deal | Pre-U Macroeconomics | Scoop.it
NHS staff working in child health services in one West county have been told they have a new boss – Richard Branson – after health chiefs unilaterally privatised their entire department...
Mo Tanweer's insight:

Privatisation - does it really bring better efficiency? Or is the profit incentive dangerous in areas where social aims are a priority?

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"Humans Need Not Apply"

Question: Will developing economies be affected more adversely than developed economies, as a result of robot-induced unemployment?

Impact: During the Great Depression, US unemployment was 25%. By the number of people employed, the top 32 jobs in the US today compose 45% of the workforce; all of these are threatened by automation, with only 33 on the list, computer programming, being a modern job.

Once human labour begins to be replaced on a massive scale by robots, it will only be a matter of time before unemployment rises. Demand will decrease as less people can afford goods, and firms will downsize their workforces further. It may take decades, but the global economy, and population,will eventually be forced to shrink.


Via Baz Shemirani
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Baz Shemirani's curator insight, November 19, 2015 7:52 AM

“Chess is a purely human, creative skill that can never be automated.” So thought the world, until Deep Blue beat world champion Garry Kasparov in 1996. In every industry, mechanical “muscles” and “minds” reduce the need for their human counterparts. We typically think that this will allow workers to specialise in other fields, help our economies grow, and benefit us overall.

The transport industry in the US employs 3 million people, all of whom will be made redundant in the near future as driverless vehicles replace them. A third of costs on transport companies stems from workers’ salaries: remove the workers and buy robots instead, and the profits will quell any action a trade union could take.

Skilled jobs are just as insecure given the rise of software robots, who are replacing the need for humans to trade on stock markets, write reports (take Quill, an AI-driven writing firm), and search documents (as with the “discovery” process lawyers undertake in reading documents).

Creative jobs, contrary to Marxist beliefs, are not an alternative. The number of people earning a living from music, literature and film is a fraction of the population, and as their success is dependent on popularity, they must be a fraction of the population. There will never be a writing or painting-based economy. Unemployed horses never moved into "creative" jobs after their population peaked in 1915, as the need for them in transport and warfare declined, they merely became unemployable as no firm needed to use horses ever again.

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What is at stake for LDCs in Nairobi? | International Centre for Trade and Sustainable Development

What is at stake for LDCs in Nairobi? | International Centre for Trade and Sustainable Development | Pre-U Macroeconomics | Scoop.it
If the upcoming WTO 10th Ministerial Conference should fail, the biggest losers would be those that have no responsibility for the current deadlock: the LDCs and Africa. They should take the lead in proposing solutions that cannot be refused in order to save Nairobi and the inclusive system.  
Mo Tanweer's insight:

The next round of the WTO DDA negotiations begin in Dec 2015... It has so far been 15 years and counting...

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How to bridge India’s infrastructure gap

How to bridge India’s infrastructure gap | Pre-U Macroeconomics | Scoop.it
India needs $1 trillion, perhaps more, in infrastructure investment over the next 5 years if PM Modi is to fulfill his promises to spur growth
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Corporate Income Tax Rates around the World, 2014

Corporate Income Tax Rates around the World, 2014 | Pre-U Macroeconomics | Scoop.it
Key Findings The United States has the third highest general top marginal corporate income tax rate in the world at 39.1 percent, exceeded only by Chad and the United Arab Emirates. The worldwide average top corporate income tax rate is 22.6 percent (30.6 percent weighted by GDP). By region, Europe has the lowest average corporate tax rate at 18.6 percent (26.3 percent weighted by GDP); Africa has the highest average tax rate at 29.1 percent.
Mo Tanweer's insight:

Who has the highest corporate tax rate and the lowest?
How have they changed over the last 10 years...

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What the Social Progress Index can reveal about your country

What the Social Progress Index can reveal about your country | Pre-U Macroeconomics | Scoop.it
The term Gross Domestic Product is often talked about as if it were “handed down from god on tablets of stone.” But this concept was invented by an economist in the 1930s. We need a more effective measurement tool to match 21st century needs, says Michael Green: the Social Progress Index. With charm and wit, he shows how this tool measures societies across the three dimensions that actually matter. And reveals the dramatic reordering of nations that occurs when you use it.
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The pain trade: Is this the beginning of the end of globalisation?

The pain trade: Is this the beginning of the end of globalisation? | Pre-U Macroeconomics | Scoop.it
The world's biggest economies are finding it increasingly hard to trade their way out of trouble.
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India opposes US proposal to dismantle price support and subsidies in World Trade Organization - timesofindia-economictimes

India opposes US proposal to dismantle price support and subsidies in World Trade Organization - timesofindia-economictimes | Pre-U Macroeconomics | Scoop.it
By Kirtika Suneja NEW DELHI: PM Narendra Modi and President Barack Obama may have a surprise item on their agenda — a proposal by Washington that could blow up into a row at the World Trade
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WTO Won’t Weigh In to Resolve International Airline Spat - WSJ

WTO Won’t Weigh In to Resolve International Airline Spat - WSJ | Pre-U Macroeconomics | Scoop.it
A senior World Trade Organization executive quashed the idea the trade body could help to quickly resolve a high-profile international airline spat over market access and subsidies.
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EU takes China to WTO in fresh tariff row - Telegraph

EU takes China to WTO in fresh tariff row - Telegraph | Pre-U Macroeconomics | Scoop.it
The European Union is taking China, one of its biggest trade partners, to the
World Trade Organization over Chinese tariffs on imported EU stainless steel
pipes.
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Orlando Davies's comment, October 7, 2015 4:36 PM
The European Union is taking China to the WTO over Chinese tariffs on imported EU stainless steel pipes. Japan had filed a complaint already in a similar manner earlier in the year. The European Commission said it believed the Chinese anti-dumping duties were incompatible with WTO law. If the consultations between the EU and China are not successful within 60 days the EU can ask the WTO to form a panel resolving the matter. The anti-dumping tariffs levied at 9.7pc to 11.1pc are significantly hampering access to the Chinese market. This is an example of China trying to use their new position as a 'superpower' within the global economy and take advantage of others who rely on them for trade. China is one of the EU's largest trading partners.
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WTO Rejects U.S. Appeal of COOL Ruling | Food Safety News

WTO Rejects U.S. Appeal of COOL Ruling | Food Safety News | Pre-U Macroeconomics | Scoop.it
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Finn O'Brien's comment, October 7, 2015 4:05 AM
This is an example of the WTO acting as an arbiter between countries, in this case just the US. The 'COOL' label (country of origin labelling) unfairly discriminates against meat imports and give the advantage to domestic meat products. This is because if an American sees that they have a choice between US meat and foreign meat (an example in the article is Mexico) then they are more likely to choose the domestic meat. The enforcement of COOL would mean that countries such as Mexico and Canada would be able to more efficiently collect tariffs as the origin of the meat is on the packet. The WTO report released in October was the second time that body has ruled against the U.S. in the dispute. After passing mandatory COOL rules in 2008, the U.S. amended COOL in 2012 following an earlier WTO ruling against it.