21–30 of 141 posts
Why does total GDP matter so much? China has over a billion people. A much more accurate metric is GDP or even PPP GDP per capita. Only when China has 3x larger economy than US economy will it be of the same size per capita to the U.S.
Whether it is or not doesn't really matter. The Chinese economy has been doubling every 10 years or so since 1980. So if it isn't the world's #1 now, it very soon will be.
[1] https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nomi...
This is a ranking about PPP. There are about five Chinese persons for every American. The sum of their income will keep getting larger and so will their economy. GDP and economic output don't automatically relate to how well people live but they do relate to the influence a country has over the world. If we care about how happy people are in their country then maybe we should look at http://www.oecdbetterlifeindex.or…
Why does total GDP matter so much? China has over a billion people. A much more accurate metric is GDP or even PPP GDP per capita. Only when China has 3x larger economy than US economy will it be of the same size per capita to the U.S.
I like your name. I imagine, you would have signed up as legitquestion, but legitquestion was too long, correct? -justquest :)
> These calculations are based on a well-established and widely used economic measure known as purchasing-power parity (or PPP), which measures the actual output as opposed to fluctuations in exchange rates. So a Starbucks venti Frappucino served in Beijing counts the same as a venti Frappucino served in Minneapolis, regardless of what happens to be going on among foreign-exchange traders. > PPP is the real way of co…
Frappuccinos are more expensive in Beijing than Seattle (I know, I have a habit...). Actually, many things in China are more expensive than in the states: if you want the "lower cost of living", you have to be willing to endure the "lower standard of living" that is possible in China without as much stigma as in the US. If you want a nice apartment, nice safe food, decent education for your kids, a car, medical care,…
When we are looking at the largest economy in the world, we are looking at world wide numbers and as an American or European most of China is going to feel very cheap.
Whether it is or not doesn't really matter. The Chinese economy has been doubling every 10 years or so since 1980. So if it isn't the world's #1 now, it very soon will be.
The same was said about Japan when it was on the up.
> These calculations are based on a well-established and widely used economic measure known as purchasing-power parity (or PPP), which measures the actual output as opposed to fluctuations in exchange rates. So a Starbucks venti Frappucino served in Beijing counts the same as a venti Frappucino served in Minneapolis, regardless of what happens to be going on among foreign-exchange traders. > PPP is the real way of co…
Substitute Frappuccino for a burger and it is the Big Mac index. http://www.economist.com/content/big-mac-index
I was trying to think of a good alternative product for this index, but I really couldn't think of any single product that is marketed at exactly the same demographic in each country, as well as having comparable market penetration, and being desired by people to the same degree.
This is a ranking about PPP. There are about five Chinese persons for every American. The sum of their income will keep getting larger and so will their economy. GDP and economic output don't automatically relate to how well people live but they do relate to the influence a country has over the world. If we care about how happy people are in their country then maybe we should look at http://www.oecdbetterlifeindex.or…
For comparison, using the more traditional measure of an economy's size, nominal GDP, the US economy is about 2x the size of China's. [1] [1] https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nomi...