China's GDP may be overstated.

[mdsimpson92]

http://www.cnbc.com/id/100967912

To the tune of perhaps 1trillion dollars. No less.

[Metacrock]

http://www.cnbc.com/id/100967912

To the tune of perhaps 1trillion dollars. No less.

what does that make it?

[mdsimpson92]

Shaving off a trillion makes it $7.2 trillion. Though their growth rate is overstated as well.

[Metacrock]

Shaving off a trillion makes it $7.2 trillion. Though their growth rate is overstated as well.

wow I remember when our whole GNP was 1 trillion that was amazing. It was my junior year of High school, 1973-74. We were debating employment (i was in debate) so we had to keep up with such things. That was big news at the time.


now that's our defense budget. Or it was under Regan anyway.

[mdsimpson92]

It is around 600 Billion under Obama right now.

GNP is not quite the same, but yeah. US current GDP is at 15 Trillion.

[Metacrock]

It is around 600 Billion under Obama right now.

GNP is not quite the same, but yeah. US current GDP is at 15 Trillion.

I know the difference in GNP and GDP. Perhaps you are not aware that in 1973 they did not have GDP. I mean they had it but no one bothered to analyze it they didn't post it as a regular economic indicator. That's a rather recent thing.

[mdsimpson92]

I know the difference in GNP and GDP. Perhaps you are not aware that in 1973 they did not have GDP. I mean they had it but no one bothered to analyze it they didn't post it as a regular economic indicator. That's a rather recent thing.

I know. In the last 25 years or so.

Anyways, I guess what I'm saying is the more I look at China's economy and environmental problems, the more I see a fall coming...

[Metacrock]

I know the difference in GNP and GDP. Perhaps you are not aware that in 1973 they did not have GDP. I mean they had it but no one bothered to analyze it they didn't post it as a regular economic indicator. That's a rather recent thing.

I know. In the last 25 years or so.

Anyways, I guess what I'm saying is the more I look at China's economy and environmental problems, the more I see a fall coming...

One can tell that by the pride.

when I was a kid they didn't have GDP. We did have fire but it was new.

[mdsimpson92]

Yeah, actually I'm on a class dealing with economics and the environment. So, in the case of China, I kind of have to look at the unreliability of the institutions and the environmental damage. Have you ever heard of this think called Green GDP? It basically takes into account the negative externalities caused by environmental damage and pollution. Pollution damages go as high as $230 Billion. Though it would be good to see what that number is in the US for comparison.

http://www.nytimes.com/2013/03/30/world ... owing.html

[Metacrock]

Yeah, actually I'm on a class dealing with economics and the environment. So, in the case of China, I kind of have to look at the unreliability of the institutions and the environmental damage. Have you ever heard of this think called Green GDP? It basically takes into account the negative externalities caused by environmental damage and pollution. Pollution damages go as high as $230 Billion. Though it would be good to see what that number is in the US for comparison.

http://www.nytimes.com/2013/03/30/world ... owing.html

I have not heard of it. It sounds like a great idea. Can it be used to estimate productivity?

In The New Industrial State Gailbreath (I know that's real out of date, probably not respected now days) says one can make any index of productivity according to any standard of measure we choose. We could say productivity is getting food to hungry people quickly that would be standard of productivity then the socialist country would be more productive than capitalism even though ti's broken down and has no night clubs.