And anyone here cares to DEFINE what are the exact components that form the basis for the GDP calculation for each nation? At least for the Top-5 or Top-10?
Does anyone care to know that each country can have its own definition in calculating such GDP?
Just for illustration: Britain in an effort to increase its GDP has been incorporating the economies of grey areas (vice economies like gambling and prostitution) into its GDP number since 2015 or 2016 (iirc). Just go figure by oneself what's inside the USA number when it produces so little while consumes so many ...
[Edit] I will go further a bit to give some ideas:
- Military budget
- Healthcare / Obamacare expenses
- Various social allowances (EBT/SNAP/Food Stamps; Single Mother's allowance; Disabilities' Allowance, etc)
- War expenses in Afghanistan, Iraq
- etc etc
all these lion share expenditures of the annual federal budget will be counted into the GDP calc regardless the sources of financing of these expenses, own money or borrowed ones; or whether or not these expenses will bring any benefit or progress to the nation or not.
In brief a nation can jack up its GDP number by among other increases its spending even though such spending is a waste. And debt is not counted in GDP as well as its service payment.
Here's an easy reading yet still shed some light on the flaws of GDP calc:
https://www.quora.com/What-are-some-problems-with-using-GDP-as-a-measure-of-economic-development
Ofc there are more heavier reading if one searches and digs around deeper.
Please don't ask me, I don't have the comprehensive answer
I just love to tease around the
magical GDP measurement around those thinking minds
Red Pills - Blue Pills
Lowkey... yes lowkey!
