Gross Domestic Product (GDP)
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- Опубліковано 26 вер 2024
- How do we measure the health of an economy? The most common way is by looking at its gross domestic product, or GDP. But what does that mean exactly? Are there any limitations to this approach? What kind of goods are counted towards GDP? Let's dive into some specifics.
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Hello Prof Dave. I work as a mess attendant at a marine base and well. I started my journey into science around 12 despite it really being about "lay level" well recently, an analytical chemist heares me speaking to a friend about atomic structure and how atoms line up to form structure like graphene or in crystals or well.. everything, really. He offered my a free tutorship for free about chemistry
And I just have to say thank you to you your videos added to my tiny pool of knowledge. I am very happy to have come across your videos and learned to expand my learning in the areas.
What a wonderful and wholesome comment 💚💚💚 From one nerd to another, yay for learning!!!!!
Wonderful explanation of GDP, in all of its various forms. One issue with GDP, at least when used to gauge the health of an economy, is that it fails to take into account what it costs to produce a finished good. This is why some economists also contrast GDP with a nation's (or a state's) debt (since people, businesses, and governments often borrow money to operate and produce finished goods). Going back to the Germany v. China example, Germany's GDP per capita is over 4 times that of China's, which suggests that at the person living in Germany is much better off than China. Moreover, at the end of 2022 Germany's national debt was around 65% of its GDP, while China's was only around 45%. Compare either of those the U.S.'s, which is around 123%. When viewed through this lens, while the U.S. may seem like the strongest economy in the world, by GDP, it's actually quite fragile given the enormous amount of borrowing we've done to produce our final goods.
PS - this also explains why it seems like the U.S. is almost always facing a "debt crisis" and our rate of small business and personal bankruptcy is far higher than in most other western countries.
Thanks for this, I knew the US wasn’t doing great, had no idea how bad it was/is. I mention the US because that’s where I’m from. Changes need to be made I know
Why do you say in VietNam
@@ThuthảoNguyễn-k9n Who said Vietnam?
This is an awesome explanation! Well presented
This video deserves much more views :)
I'd like to add that the inequality also applies to the per capita and therefore may not be a perfect indicator either. if a disproportionate amount of the GDP goes to a small wealthy elite (as was mentioned) then the average citizen of a country will make significantly less then GDP per capita suggests as a result.
i wish i found this channel earlier in life. he's explaining the same as my professor in social studies grade 7-9 just as good but takes time to explain it. i only have half a year left before "upper secondary scool" i have no idea bout other countries grade system but these videos are amazing.
I am so mad lol i spend 3 hours reading about GDP and this guy basically explained it in 6minutes
Same
Why the national debt is not deducted from the Gross Domestic Product.
It turns out that the statistics are not objective.
It seems to show that there is production, but in fact it is in debt to the ears.
Brief videos with high information density. Smart! Direct appeal to today's consumer. As an aside, there are 7 dislikes as of the time of my comment. I really can only imagine two different kinds of people who would take the time to click the dislike button: 1. _Leftovers from victims of Dave's debunking videos_ or 2. _Trolls who have nothing better in life._ In either case, *pathetic.*
I think number 1 definitely covers it.
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Quality of life!
Externalities! Leisure!
Thank you for this. We never get the full story from anyone official.
This video saved me! Great explanation! Thank Youu!!
So is that with every item and food we buy from
A different country. It’s Don’t t raise our gdp it raises there’s?
Yes
شكرا
Hi Prof Dave, thanks.... I learned a lot
00:12 GDP measures the total value of goods and services produced within a country's borders.
01:00 Differentiating between intermediate goods and final goods
01:48 GDP counts only final goods and production within a country's borders
02:31 Gross Domestic Product (GDP) represents the total cost of all goods and services produced in a country.
03:19 Real GDP is a more accurate measure of economic growth
04:10 GDP doesn’t measure underground economy, negative externalities, and leisure time.
04:58 GDP doesn’t account for distribution of goods and services
05:51 Gross domestic product (GDP) remains the primary way to quickly measure the health of an economy
Here before this has many millions of views :)
L
@@REXY720did the count stop? no? then i’m not wrong
Took economics 46 yrs ago in college, didn't understand it then, still don't despite trying
just seems divorced from reality. Have you heard of Kate Raworth's "Doughnut Economics"
look's like not only is it easier to understand, but also more grounded in reality.
Thanks for this
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Thank you so much 😭
how can ALL consumption be estimated? most videos fail to explain this..how cna a govt trck everybody's consumption an dspending?
If the government spends a lot of money, the GDP is elevated. But, the money the gov spends is other people's (tax-payers) money, borrowed money, and fiat money - i.e, it does not reflect true wealth, but it increases GDP. Gov spending also causes price inflation which renders nominal GDP less valid.
I finally get it. Thank you :)
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Without 1.7 TRILLION of new deficit in 2023 (7.5% of GDP) the economy of the USA shrank by 5%. 7.5%- 2.5%.
Hi professor
May i know why rewarding a super performance workers reward and air pollution affect the GDP Calculation
Helpful
So companies that produce flour, cement, bricks, electronic parts etc etc don't add the GDP?
all ways the best
Sometimes GDP is expressed in percentage. How does that work?
hey Dave, can you debunk the video "THE interview" by Jeremy Griffith and his World Transformation Movement?
I gotta disagree with the ending of your video, it's not that GDP doesn't 'prevent bias', it's that GDP has a known bias that is disregarded, whereas other options may introduce different biases that those who benefit from the bias in GDP don't like.
Thankoooo☺️
professor dave explains psychology when
:50 secs, Question: lets say I'm not a baker and I purchase these same items to bake a cake (not to sale). Is it now considered a final good? and how is that acknowledged in the GDP?
Yes
What if american businesses start a business offshore? Is those goods produced given the american gdp or the offshore countries gdp?
GDP is a measure of goods & services that have been PURCHASED (not those that are available, as in inventory),, If I shine your shoes and you pay me $10, and you trim my hair and I pay you $10, that's $20 GDP even though neither of us has a net change in monetary wealth. Thus, GDP is (1) a deceptive metric, and (2) a measure of commercial ACTIVITY rather than wealth.
financial ACTIVITY
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We do buddy
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So now I get how the US makes money of wars
my brain was heating up 😂
Can You tell me what You spoke from 4:54 to 5:06....
turn on subtitles
@@ProfessorDaveExplains thanks
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GDP
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Wow I'm early
First
horrible audio levels
Sounds fine to me
You got absolutely toren apart by Dr. James Tour he debunked your nonsense about the origin of life
No, he didn’t. I debunked him. If you had the courage to watch my content, you’d know that.
Your channel went down hill big time eh.
Um, no.
@@dylbough My academic tutorials have never, ever gotten more than a few thousand views on the day of release. They used to get only a few hundred. You just have no clue how educational channels work and you're also a whiny little bitch. Work on that.
@@dylbough It does not "work like every other UA-cam channel". You're just a clueless moron. Do me a favor, head over to Khan Academy. How many subscribers? What's their average view count the day of posting a video? Students watch my tutorials when they need to for class, not arbitrarily the day I post it for entertainment. Now do you understand? Do you see how you're a clueless whiny bitch with no clue what they're talking about, and by continuing to act like a smug douchebag you are actually humiliating yourself? Yeah?
@@ProfessorDaveExplains ah yes, the ever effective teaching technique of "you little whiny bitch". Don't have kids man, you'll crack if you haven't already.
@@ProfessorDaveExplainsJust ignore the guy. He is doing it for attention, a reaction, or just to be a dick. Great job, as always.
GDP, the BMI of economics?
The most accurate analogy possible
You're right, but slightly better.
Does he mean Body Mass Index?
Makes sense to me . Thank you.
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In my country, the government says the GDP is the best the country has seen in 20 yrs n yet we’re still struggling 😢inflation is kicking the less fortunate asses
Mr , do you have email i have homework and i need to contact with you ?