What is GDP and why should you even care? Find out in 2 minutes! #backtobasics #gdp #whatisgdp Watch more of our Back to Basics videos here: • Back to Basics
Thank you for an informative video with good musical backing. You clearly make the point that only monetized transactions in an economy are part of GDP and you use the example of a mother looking after your baby. It is a good point: maybe a society whether mothers look after babies is more desirable than a society, where this is contracted out. The society may appear wealthier, but the baby may be poorer for this progress. May I also suggest that it is likely that we will see a reduction in GDP in mature, ageing societies like Japan. Retired people may not work - hence no income - but they may do much beneficial voluntary work. Also, it is worth noting that GDP is NOT a measure of WEALTH, only of monetary wealth generation. So again, a mature, ageing society has far less need to generate GDP, since it already has much of what it needs as investment, it only needs to maintain and produce enough to satisfy consumption. The other challenge is to inherit effectively - if possible, without even counting the transaction monetarily as this only incures an overhead called tax. In short, GDP can be very misleading and is of course no measure of efficiency or sustainability.
Thanks I learnt GDP because of your video only. Not by college and university education. No teacher or financial manager can describe it briefly and so minutely.
Thank you for explaining this so quickly and concisely in such a short time. It is very refreshing to see quick explanation content that does not treat people like idiots.
GDP does not have to include unpaid (selfservice, taking care of your own children or wiping your own butt) services, or anything else. It just need be calculated by the same set of rules everywhere (unlike China and a few other places). Because it's a relative measurement, meaning that it doesn't matter if you're 6'6", 1.3M, or 52 Potato's tall, just so long as we can convert that measurement to the same reference point..
Interesting video. Very detailed and informative. Having a better understanding of this process will excel my actions and decisions I will be taking. Thank you VERY MUCH 🥰!
hahhaha 830k views and 10 comments(including this one) seems you don't like being called out. Why should a mother be paid for taking care of her OWN baby? that's not a job. I don't get paid for driving my children to school do I? as I shouldn't be. You get paid for services you do for customers and companies not your family.
Good video. Though this means GDP doesn't measure how wealthy a nation is. Since it doesn't take into consideration the cost of living nor value of the currency.
In accounting GDP environmental consequences from producing goods and services were not counted . She was only mentioning the drawbacks of GDP just like the level of inequality in society cannot be determined by GDP. There is a new term called ‘ green GDP’ that takes into account the environmental damage.
Image paying $1M to dig a hole. Imagine those who received the $1M, paid back that $1M to fill up that same hole. The net result is no hole, and the money came back to the same place. But, $2M was added to the GDP! The bottom line is that we have no idea how much of these type of "dig a hole/fill that hole net zero" transactions are counted in the GDP.
I just like the kicking of the GDP
I really love the way she explains the subject in a simple, easy to understand way!!!
Lmao, that clap got me 0:24
Thank you for an informative video with good musical backing. You clearly make the point that only monetized transactions in an economy are part of GDP and you use the example of a mother looking after your baby. It is a good point: maybe a society whether mothers look after babies is more desirable than a society, where this is contracted out. The society may appear wealthier, but the baby may be poorer for this progress. May I also suggest that it is likely that we will see a reduction in GDP in mature, ageing societies like Japan. Retired people may not work - hence no income - but they may do much beneficial voluntary work. Also, it is worth noting that GDP is NOT a measure of WEALTH, only of monetary wealth generation. So again, a mature, ageing society has far less need to generate GDP, since it already has much of what it needs as investment, it only needs to maintain and produce enough to satisfy consumption. The other challenge is to inherit effectively - if possible, without even counting the transaction monetarily as this only incures an overhead called tax. In short, GDP can be very misleading and is of course no measure of efficiency or sustainability.
nobody reads this lmao
@@codmpog8868 i read it🗿
congratulations! you got it!
Thanks I learnt GDP because of your video only. Not by college and university education. No teacher or financial manager can describe it briefly and so minutely.
Thank you for explaining this so quickly and concisely in such a short time. It is very refreshing to see quick explanation content that does not treat people like idiots.
i am monitoring your activities in the middle east very closely. Interesting. VERY interesting!
Wow what communication really amazing!!
GDP does not have to include unpaid (selfservice, taking care of your own children or wiping your own butt) services, or anything else. It just need be calculated by the same set of rules everywhere (unlike China and a few other places). Because it's a relative measurement, meaning that it doesn't matter if you're 6'6", 1.3M, or 52 Potato's tall, just so long as we can convert that measurement to the same reference point..
It's very good to know...
I love this explanation. Thank you !
Wow! She explains well. I like her explanation.
trash
That was probably the most liberal explanation of GDP I've ever heard.
Great presentation for a minute explanation.
Thank u
Interesting video. Very detailed and informative. Having a better understanding of this process will excel my actions and decisions I will be taking. Thank you VERY MUCH 🥰!
hahhaha 830k views and 10 comments(including this one) seems you don't like being called out. Why should a mother be paid for taking care of her OWN baby? that's not a job. I don't get paid for driving my children to school do I? as I shouldn't be. You get paid for services you do for customers and companies not your family.
Wow great explanation in one minute i cant believe
it was the music and the socialism for me
Good video.
Though this means GDP doesn't measure how wealthy a nation is.
Since it doesn't take into consideration the cost of living nor value of the currency.
Can someone please explain how GDP is related to environmental pollution?
Exactly what I was thinking. She went off the rails a little bit
In accounting GDP environmental consequences from producing goods and services were not counted . She was only mentioning the drawbacks of GDP just like the level of inequality in society cannot be determined by GDP. There is a new term called ‘ green GDP’ that takes into account the environmental damage.
Well explained..... ❤️
Nicely presented.
Did she just imply that a mother should be paid for being a parent? WTF?
(GDP) Gross Domestic Product
nice
Thank you
anyone watching this cause of macroeconomics
Thak you
We will find out Thursday
So we add up income or goods and services or all 3 ?
i’m just watching this for american government
Confused
Parent shouldn’t get paid for raising children they brought into the world.
👍🏼 exactly
@@WalburgisLuppuselaborate
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⚓🐾🌈🌌📊☔
Image paying $1M to dig a hole. Imagine those who received the $1M, paid back that $1M to fill up that same hole. The net result is no hole, and the money came back to the same place. But, $2M was added to the GDP! The bottom line is that we have no idea how much of these type of "dig a hole/fill that hole net zero" transactions are counted in the GDP.
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