#Income GDP

[notayesmanseconomics]

What do GDP numbers and releases actually tell us?

This week has brought up some challenges and issues for the concept of Gross Domestic Product and even more so for the way that it is used. We can start with an update yesterday via the annual Blue Book in the UK from which the central message was this. The upward annual revision to volume GDP in 2022 follows directly from the changes to current price growth described earlier in this article, and…

[living400lbs]

"In the United States, happiness rates peaked in the 1950s, when GDP per capita was only about $15,000 (in today’s dollars). Since then the average real income of Americans has quadrupled, and yet happiness has plateaued and even declined for the past half-century. The same is true of Britain, where happiness has declined since the 1950s despite a tripling of income.19 Similar trends are playing out in country after country.

What explains this paradox? Researchers have found that – once again – it’s not income itself that matters, but how it’s distributed. Societies with unequal income distribution tend to be less happy. There are a number of reasons for this. Inequality creates a sense of unfairness; it erodes social trust, cohesion and solidarity. It’s also linked to poorer health, higher levels of crime and less social mobility. People who live in unequal societies tend to be more frustrated, anxious, insecure and discontent with their lives. They have higher rates of depression and addiction."

- from Less Is More by Jason Hickel

[vinaydogra]

Recently Union Budget of the Year 2024 was passed and announced by Finance Minister Nirmala Sitaraman. This time with the theme of Viksit Bharat, it has led an ambitious roadmap for our nation’s progress. With ample of changes being aimed at boosting the economy, to address the key factors, youth and addressing the stakeholders as well. The budget is aimed at making a developed India.

[rodgermalcolmmitchell]

The "National Debt" isn't national and it isn't a debt. Eric Boehm remains clueless.

The problem with Libertarians like Eric Boehm . . . where do I begin? They have so many issues. First, they don’t understand this equation: Gross Domestic Product = Federal Spending + Non-federal Spending + Net Exports. Gross Domestic Product (GDP) is the most commonly used measure of the economy. The equation tells you that the more the federal government spends, the more the economy grows. But…

[prabhatjairam]

Economic Issues

India has one of the world's fastest-developing economies. It belongs to the group of developing nations that continually seek to strengthen their economic conditions. The enormous population of India presents a lot of difficulties that must be resolved for it to keep expanding. Yet, India confronts several economic issues, which we will address in this blog post. We'll talk about the main issues and toughest obstacles the Indian economy faces.

What are economic issues?

Economic issues refer to any difficulty in the economy that is concerned with the production of goods and services to meet the economy's endless desires through the use of scarce resources. In other words, a choice-making issue brought on by a lack of resources is typically referred to as an economic difficulty. It develops because humans have limitless demands but only a few ways to satisfy them.

Central problems of an economy

The production, distribution, and exchange of goods and services are the three core issues of an economy. Let's look at these issues: what to produce, how to produce, and for whom to produce. Doing so will help us identify the demands of society.

(I) What to produce?

This issue entails deciding which products should be created as well as how much of each product should be produced.

A nation must choose what types of commodities and services to produce as it has limited resources and cannot produce all goods.

For instance, if a farmer only has one plot of land available for farming, he must decide between growing wheat or rice.

(II) How to produce?

This problem determines which production method to use in the creation of the chosen goods and services.

There are primarily two production methods. Which are:

1) Capital-intensive approach (more reliance on machines)

2) Labor-intensive approach (more labor is employed)

Capital-intensive techniques encourage efficiency and expansion, whereas labor-intensive techniques generate employment.

To enhance your knowledge, please visit  Daily Booster Article| study24hr.com

(III) For whom to produce?

This topic is concerned with determining the types of people who will consume the goods, i.e., to produce goods for the rich or the poor.

Society is unable to fulfill everyone's needs. Hence, it must decide how much of the entire output of commodities and services should go to whom.

Furthermore, society must decide whether to produce luxury items or everyday goods. This distribution or ratio is closely related to the economy's purchasing power.

Causes of economic issues

Some of the primary causes of economic problems are listed below:

1. Endless human desires

Human beings have limitless wants and needs, so they can never be satisfied. A person will experience new cravings once their initial need has been met. Because of the limited resources available, the unending number of people's needs continues to grow.

2. Unavailability of resources

Resources like labor, land, and capital are not enough to meet demand. As a result, the economy is unable to satisfy everyone's needs.

3. Other uses

Due to a lack of resources, the same resources are employed for several reasons, and choosing among resources is consequently crucial. For instance, gasoline is used for running equipment, generators, and vehicles. Thus, the economy should now select one of the alternate applications.

Major challenges faced by the Indian economy

The Indian economy faces several ups and downs due to the following reasons:

1. Unemployment

Unemployment reflects the health of the economy. It is a condition in which an individual actively seeks employment but is unable to obtain work. Workers who are unemployed experience financial hardship, which harms their families, relationships, and communities. However, the level of poverty may rise as a result of little or no income, which would slow down economic development and progress.

2. Poor education

Many children in India are unable to receive a proper education because of poverty, unstable finances, or other resource shortages. Due to their lack of skills and intellectual capacity, these kids find it difficult to fit into social situations. As a result, they are unable to participate in the same activities as educated people due to the lack of resources that education generates.

Explore ”Study24hr.com” if you're looking for an online instructional resource. It is an incredible online learning environment that seeks to improve students' academic performance and understanding abilities. Learners can access a variety of study materials, such as mock test papers, daily boosters, academic notes, and tutorial videos, with the help of this wonderful site, making it easier for them to prepare for their exams. Additionally, ”Study24hr.com” allows educators to publish their notes on its website, generating qualified leads.

3. Population density

The population density of India is among the greatest in the world. The major issue that the Indian economy faces is this population density combined with an infrastructure that cannot keep up with the population expansion. Besides, congestion emerges as a problem with increased population densities as more people begin to dwell in an area. Problems such as packed roads and transit congestion make it difficult for people to commute by public transportation, leading to people buying more vehicles, which then leads to other problems such as traffic jams and pollution.

4. Corruption

Another significant issue that the Indian economy faces is corruption. The economy is greatly inefficient and wasteful as a result of corruption. It causes plenty of social issues. Moreover, corruption functions as an ineffective tax on businesses, ultimately driving up production costs and lowering investment returns.

Conclusion

It is acknowledged that India needs to solve several economic concerns quickly to improve its economic situation. We must acknowledge the importance of education in addressing these problems if we want to overcome them. Hence, assist India's underprivileged folks in receiving a quality education because it is the responsibility of the educated person to inform others of the value of education. Keep in mind that India can develop more as we learn more about it!

[mandrocles]

Purchasing power

In several discussions online and in person about money, credit, taxation, spending, and economic policy in general there is a common use of overloaded, not well defined terms like "money" in particular, but also the rest of the above.

As to topics like distribution of income and relatedly inflation, money, credit, I have found that they become a lot clearer if one talks of purchasing power instead, at least in a political economy where many or most goods and services are commodities traded in markets, instead of being self-produced.

Purchasing power is what after all most people care about: they want income, money, credit, wealth, etc. in order to buy things, that is they want purchasing power, whichever form it assumes.

When a Real American says something like "I wish to make money fast" or "I always hustle to make money" what they really mean is that they want more purchasing power, usually they don't want to just accumulate bigger numbers in a bank account or more banknotes or coin in a vault (even if some do because to them that is a way to keep score).

So a large part if not most or all of the study of the political economy is to figure purchasing power and there are two large subtopics:

How purchasing power per person increases, that is how productivity increases (the development problem).

Who gets which slice of existing purchasing power, and how they get it (the distribution question).

So when reading economic or political news or discussions, the two most prominent questions are:

In the long term how does this affect the amount of purchasing power per person?

In the short term how does affect whom gets more or less purchasing power?

Note: an often forgotten distinction is that between GDI ("Gross Domestic Income") and GDP ("Gross Domestic Product"): GDI (expressed usually in currency terms) is in effect the total purchasing power in a state, and GDP (which also for this reason should be expressed in physical terms) is what can be bought with that purchasing power (plus net imports).

[kasuaalipelitelevisio]

Just saw a very dumb post

[emperornorton47]

You think Republicans are better for the economy?

[banglakhobor]

কাঁড়ি কাঁড়ি টাকা..! গাড়ি-বাংলো-ব্যাঙ্ক ব্যালেন্স..! বিশ্বের সবচেয়ে ধনী 'এই' দেশ

বড়লোকি কী জিনিস এই দেশে এসে দেখুন! আমেরিকা, রাশিয়া, চিন, জার্মানি ও ফ্রান্স বিশ্বের বৃহৎ অর্থনীতি ও শক্তিশালী দেশ হলেও আয়ের দিক থেকে তারা ছোট দেশগুলির চেয়ে পিছিয়ে রয়েছে। বিশ্বাস না হলেও বাস্তবে কিন্তু বিশ্বের ধনী দেশের তালিকায় অনেক পিছিয়ে রয়েছে এই বড় দেশগুলি। চলুন দেখে নেওয়া যাক সেই তালিকা যাত��� রয়েছে বিশ্বের সেই ধনী দেশগুলি যারা আয়ের দিক থেকে শক্তিশালী দেশগুলোকে পিছনে ফেলে…

[ahsanreadsthis]

\\ 14.6.23

'Alternative to the IMF' by Shahida Wizarat, a complete overview of Pakistan's economic structure, it's flaws and available opportunities. She gives an out of the box solution to counter the financial issues faced by the country. At a point when Pakistan is facing the worst economic meltdown in history this book is a must read for every single person interested in understanding the dynamics of Pakistan's economic system.

[mindblowingscience]

Giving a regular cash payment to the entire world population has the potential to increase global gross domestic product (GDP) by 130%, according to a new analysis published June 7 in the journal Cell Reports Sustainability. Researchers suggest that charging carbon emitters with an emission tax could help fund such basic income programs while reducing environmental degradation. "We are proposing that if we can couple basic income with environmental protection, we can save two birds with one stone," says first author U. Rashid Sumaila of the University of British Columbia in Vancouver.

Continue Reading.

[scorebetter]

National Income

To estimate the total economic activity in a nation or region, a number of metrics are utilised, including the gross domestic product, gross national product, net national income, and adjusted national income.

National Income is the final output of all new goods and services a country produced in one year. To estimate the total economic activity in a nation or region, a number of metrics are utilised, including the gross domestic product, gross national product, net national income, and adjusted national income. The term “national income accounting” refers to a group of procedures and guidelines that…

[vinaydogra]

Budget 2024 A Step Towards Viksit Bharat

Recently Union Budget of the Year 2024 was passed and announced by Finance Minister Nirmala Sitaraman. This time with the theme of Viksit Bharat, it has led an ambitious roadmap for our nation’s progress. With ample of changes being aimed at boosting the economy, to address the key factors, youth and addressing the stakeholders as well. The budget is aimed at making a developed India.

[rodgermalcolmmitchell]

Believe it or not, the government lies to you.

I’m sure you will find this difficult to believe, but the U.S. government lies to you about many things, this time about its finances. The following is from the government Bureau of the Fiscal Service: Executive Summary of the Fiscal Year 2022 Financial Report of the U.S. Government An Unsustainable Fiscal Path An important purpose of this Financial Report is to help citizens understand current…

[blastsofideas123]

[reasonsforhope]

The Surucuá community in the state of Pará is the first to receive an Amazonian Creative Laboratory, a compact mobile biofactory designed to help kick-start the Amazon’s bioeconomy.

Instead of simply harvesting forest-grown crops, traditional communities in the Amazon Rainforest can use the biofactories to process, package and sell bean-to-bar chocolate and similar products at premium prices.

Having a livelihood coming directly from the forest encourages communities to stay there and protect it rather than engaging in harmful economic activities in the Amazon.

The project is in its early stages, but it demonstrates what the Amazon’s bioeconomy could look like: an economic engine that experts estimate could generate at least $8 billion per year.

In a tent in the Surucuá community in the Brazilian Amazonian state of Pará, Jhanne Franco teaches 15 local adults how to make chocolate from scratch using small-scale machines instead of grinding the cacao beans by hand. As a chocolatier from another Amazonian state, Rondônia, Franco isn’t just an expert in cocoa production, but proof that the bean-to-bar concept can work in the Amazon Rainforest.

“[Here] is where we develop students’ ideas,” she says, gesturing to the classroom set up in a clearing in the world’s greatest rainforest. “I’m not here to give them a prescription. I want to teach them why things happen in chocolate making, so they can create their own recipes,” Franco tells Mongabay.

The training program is part of a concept developed by the nonprofit Amazônia 4.0 Institute, designed to protect the Amazon Rainforest. It was conceived in 2017 when two Brazilian scientists, brothers Carlos and Ismael Nobre, started thinking of ways to prevent the Amazon from reaching its impending “tipping point,” when deforestation turns the rainforest into a dry savanna.

Their solution is to build a decentralized bioeconomy rather than seeing the Amazon as a commodity provider for industries elsewhere. Investments would be made in sustainable, forest-grown crops such as cacao, cupuaçu and açaí, rather than cattle and soy, for which vast swaths of the forest have already been cleared. The profits would stay within local communities.

A study by the World Resources Institute (WRI) and the New Climate Economy, published in June 2023, analyzed 13 primary products from the Amazon, including cacao and cupuaçu, and concluded that even this small sample of products could grow the bioeconomy’s GDP by at least $8 billion per year.

To add value to these forest-grown raw materials requires some industrialization, leading to the creation of the Amazonian Creative Laboratories (LCA). These are compact, mobile and sustainable biofactories that incorporate industrial automation and artificial intelligence into the chocolate production process, allowing traditional communities to not only harvest crops, but also process, package and sell the finished products at premium prices.

The logic is simple: without an attractive income, people may be forced to sell or use their land for cattle ranching, soy plantations, or mining. On the other hand, if they can make a living from the forest, they have an incentive to stay there and protect it, becoming the Amazon’s guardians.

“The idea is to translate this biological and cultural wealth into economic activity that’s not exploitative or harmful,” Ismael Nobre tells Mongabay."

-via Mongabay News, January 2, 2024