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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: RetiredNow who wrote (114423)	5/30/2012 11:05:09 PM
From: tejek	Read Replies (3) \| Respond to of 149317

Below is the best article I've seen on the problems with monetary policy today and how to tweak what the Fed is doing to produce a better outcome. Even though it takes a solution that is not what I have previously espoused, the author convinced me that it might be a good approach, because they target nominal income, which I have said is a better measure of economic health than GDP (spending). Check this out... It sounds oddly keynesian.

To: RetiredNow who wrote (114423)	5/30/2012 11:46:57 PM
From: bentway	Respond to of 149317

The World's Richest Countries And Biggest Economies, In 2 Graphics by LAM THUY VO Gross Domestic Product — GDP — may have its limits. But it's a useful, broad measure for looking at national economies. It's basically the total dollar value of all of the goods and services a country produces in a year. Here are all the countries with GDP of over $100 billion: NotesGDP at current exchange rate for 2010. Colors correspond to continents/regions. Source: World Bank Credit: Lam Thuy Vo / NPR Having a very large GDP means a country is an important economic player in the world. But it doesn't necessarily mean the country's citizens are rich. A better measure for looking at the wealth or poverty of a nation's citizens is GDP per capita (adjusted for the fact that $1 buys more in some countries than in others). Here are all the countries in the world with GDP per capita over $15,000 a year: NotesGDP per capita (purchasing power parity), 2010. Qatar figure is for 2009, the most recent year available. Source: World Bank Credit: Lam Thuy* Vo / NPR Perhaps the most striking difference between the two graphs is China, which has the second biggest economy in the world but is still very poor. China, which has a GDP per capita of $7,599, doesn't even show up on the second graphic. It's also worth noting that GDP per capita is just an average. So a country with a high level of inequality may have a relatively high GDP per capita, but many poor people. Correction: A previous version of the GDP per capita graphic shaded Trinidad and Tobago* in red. The bubble should have been dark blue.* Tags: Graphing America