Why do we measure contries' wellbeing by their respective economic growth instead of comparing buying capacity of their citizens?
Sorry for the poorly worded question. Why do people care if the economy is "growing" let alone how fast it grows. Farmers need to produce enough food for ll the citizens, factories need to make enough clothing, builders need to build houses for everyone, et cetera.. if everyone has enough essentials and has access to good services, would it matter what GDP is?????
- OiyLv 43 weeks ago
Because it has used PPP instead. PPP based on domestic price of each country.
- DoobyLv 63 weeks ago
Economics is the study of choice, not money. When a population feels secure they spend and grow the economy because, good or bad, they do not fear for the future economic condition.... at least in the medium term.
Those who fear horde for that expected near rainy day. Capacity is a measure of ability, not action.
... but I don't really know shite about economics.