GDP or Per Capita income should be considered for real growth?
GDP or Gross Domestic Production should be considered to check the health of nation or should we consider Per capita income.
GDP is about gwoth of a country in terms of prodcution and consumtion. GDP is calculated based on the production by all resources. GDP does not mean production of physical good only but all possible monetory advancement compared to last period.
GDP takes in account growth achieved in Service sector, Industry sector etc.
Per Capita Income is the average income of each citizen. Per capita income is arrived by deviding total income by population.
Dont you think considering GDP and Per capita income for purpose of growth estimation is wrong. All money or income could be made by few people and in any country at any given time, more than 80% of population earns below Per Capita Income.
What are your views, what matics should be considered to check the true economical picture of a country?
I appreciate your views. GDP and PCI, both are not accurate to tell a true financial position of citizens. But GDP and PCI should be considered to evaluate the economic growth of a country.
GDP and PCI serves the purpose of evaluating the economic condition of a country and not economical condition of each countryman.
I believe literacy rate should be the right parameter to check the condition of each countryman. Countries with higher literacy rates have high per capita income and even GDP growth is better.
Agreed with your views. Literacy rate could be the right parameter. Education not only give one the oppurtunity to harness oppurtunities which are not available uneducated but also make one a good law following citizen. Following law results in less corruption and higher the growth rate.
Yes right, countries with higher literacy rate have the low corruption and citizens are aware of their rights. They dont judge government schemes on basis of cast and religion but value the schemes economically and at country level.