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With all the massive, extreme poverty in India this only shows how meaningless GDP is as a mean to illustrate economy's condition.
by bgarbiak 10y ago
With all the massive, extreme poverty in India this only shows how meaningless GDP is as a mean to illustrate economy's condition.
- bandrami 10y agoOTOH, the richest 3% of India (and that is some very rich people) is the size of the entire UK population, so from a global macro standpoint...
- gutnor 10y agoYes, there were conspiracy theories on some other site about education and how Chinese/Indian student could pay the oversea cost of university in the UK when "only the 1% would be able to afford that in their respective countries", so it is impossible that the UK universities budget was affected at all by them. That's 25 million people and the UK has prestigious universities attracting said people.
- orblivion 10y agoNot to defend the GDP overall, but you could just use a per capita GDP for that sort of comparison.
- noir_lord 10y agoGDP per capita is better than raw GDP but it still doesn't factor in wealth inequality, purchasing power parity etc. You can see the issue with a Representative economy here (UK) https://upload.wikimedia.org/wikipedia/commons/thumb/1/10/UK_Equivalised_Income_Distribution.png/600px-UK_Equivalised_Income_Distribution.png https://upload.wikimedia.org/wikipedia/commons/thumb/1/10/UK... Of course the Government always uses Mean since it sounds a lot better.
- deleted 10y ago[deleted]
- denzil_correa 10y ago> but you could just use a per capita GDP for that sort of comparison GDP per capita would not tell you the distribution of wealth (or more accurately income).
- f_allwein 10y agoWell, the UK has massive inequality as well, although not on the scale of India. https://www.theguardian.com/uk-news/2016/dec/16/brexit-britain-has-the-deepest-faultlines-of-any-country-i-have-known https://www.theguardian.com/uk-news/2016/dec/16/brexit-brita...
- 3pt14159 10y agoIt is not meaningless in terms of foreign policy. It's a good measure for importance in trade relations and industrial capacity for war.