...ESSAY Difference people do difference things but have the same goal. That is to improve standard of living or human well-being for instead. So we need an index to indicate what we have achieved, what is the limitation that needs to be adjusted to orient the growth trend that makes the life better in the future. To meet up with this expectation, Gross Domestic Product (GDP for short) has been used as a method of evaluating the human well-being for a long time all over the world. But with the introduction of Human Development Report in 1990, the Human Development Index (HDI) has attracted great attention of policy and academic circles, as well as broader community around the world. This appearance also helps raising the question: Is GDP still an adequate measure of societal well-being and should it be replaced by HDI? This question has attracted a lot of people and cause a controversy among them. So let’s have a look at that matter of argument. As you know the standard well-being varies from time to time, from place to place so we should at first understand: What is well-being? In general, well-being is the pursuit and fulfillment of personal aspirations and the development and exercise of human capabilities, within a context of mutual recognition, equality and interdependence. To make it more detailed here are some key criteria that we should include to valuate well-being: Material living standards (income, consumption and wealth); Health; Education; Personal activities including...
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...The country comparison tool can be used to create interactive charts using over 150 indicators. The variables are drawn from major international organizations and prominent NGO's and are updated regularly. One can compare countries over time using the line charts or the rankings of various countries by selecting a specific year. The comparison charts as well as the source data can be downloaded for free after registering. Below are brief guidelines for country comparisons: Compare countries: income levels. One can use GDP per capita in dollar terms to compare incomes across countries. However, the comparison may be somewhat misleading because consumers face different prices in various countries. One thousand U.S. dollars can buy much more in Mexico compared to the U.S. since prices in Mexico are lower. To account for the differences in prices, one should look at the GDP per capita in Purchasing Power Parity terms. In that way, one compares countries in term of real income (what can be purchased) as opposed to the dollar income. Compare countries: level of development. The most basic comparison is between GDP per capita levels or the levels of GDP per capita in terms of Purchasing Power Parity. However, GDP can be a misleading measure as it may not capture other aspects of the quality of life such as crime, education, environmental quality, etc. The Human Development Index published by the UN is a composite measure that accounts for a broader set of development factors. Compare...
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...research Guilding have done his research on United Kingdom, New Zealand and United States America. His study represented the first to provide an international comparison, which large companies are applying Strategic Management Accounting practices. This study extends Guilding work by benchmarking the degree of strategic management accounting adoption in Slovenia relative to Australia. Benchmarking is a measurement of the quality of an organizations policies, products, programs, strategies and their comparison with standard measurement, or similar measurements of it peers. The objectives of benchmarking are to determine what and where improvements are called for, to analyze how other organizations achieve their high performance levels, and to use this information to improve performance. Slovenia is a former socialist country that began the process of transition to a market economy in the early 1990’s after gaining independent from Yugoslavia. Slovenia is widely noted as a role model of a successful transition from a socialist to a market economy. In 2004, it became a full member of European Union and NATO. In 2007, it was the first of the new countries to adopt the Euro currency. Slovenia is also the most economically developed of the new countries, having already overtaken two old EU member states (Greece and Portugal) in terms of per capita GDP. Further in 2008,...
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...Distance and its effect on the foreign direct investment (FDI) flows between countries Most countries go internationally to get more opportunities and have new markets. The screening approach helps companies to select the countries that will be profitable to enter. However, there are many differences between the host and the home country which will cause the failure of the company in the host country if did not count. When entering a new market, the company must begin with exploring this market, knowing their culture, economic and political issues that will help in establishing a business or taking serious decision. Cultural distance: Values, beliefs, and attitude are the basics of each culture that influences the individual's perceptions, preferences, and behaviors which are the causes of the uniqueness of every society or country. The differences between the culture in the home country and the host country are called the cultural distance. The cultural cause has considered as a major element in the international business, also regarded as the main figure of entry choice, which is a key to the foreign market investment success....
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...An Alternative Measure: Subjective Wellbeing Wellbeing is about looking at ‘GDP and beyond’, which includes headline indicators in areas such as health, relationships, education and skills, our finances, the economy, the environment and individuals' assessment of their own wellbeing. Knowing how money is earned will give us some insights about the employment condition and other income elements. Also, household expenditure can give us a better understanding in the expenditure structure. To be more specific, we can use the Engel's Coefficient as an example, which as a tool for assessing household expenditure can reflect the living standard. It suggests that a lower proportion of income spent on food indicates a higher standard of living, which is important for wellbeing assessment. Moreover, a thorough investigation into the household expenditure structure also helps us to better analyze people’s behaviors and preferences. However, measurement in income and expenditure is only about people’s financial condition. It only demonstrates people’s material wellbeing. For instance, the monetary numbers do not tell us that people in Beijing is suffering from air pollution. Looking solely at household income and expenditure does not give us any information about people’s living environment, life satisfaction, etc. Household wellbeing is not a simple add up of all the family members’ wellbeing. Like chemicals, the household wellbeing as a whole involves more subtlety. Thus, focusing...
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...permission granted September 25, 2010. Khan’s (2001) article by going to the International Monetary Fund Website (see the Webliography). Khan, M. H. (2001). Rural poverty in developing countries: Implications for public policy. Economic Issues NO. 26. International Monetary Fund. Retrieved July 6, 2012. You can find the most up-to-date report on the World Bank website. (See Webliography). The World Bank Group. (2012). Prospects for the Global Economy. Washington D.C. After you have read the items listed above, access the “Data & Research” tab in the World Bank Website and compare growth rates between two countries of your choice. Specifically, select one developed country (such as U.S., England, Canada, Germany, etc.), and select one developing country (such as Angola, Bangladesh, Chad, Nigeria, etc.). Find and transfer their 2007–2011 GDP growth (annual %) data into your Assignment. Identify and explain possible factors that may be adding to the differences between their GDP growth rates. countries | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | United states | 2% | 0% | -3% | 2% | 2% | 2% | Sudan | 12% | 3% | 3% | 3% | -3% | -12% | The two countries that I have chosen are the United States and Sudan. From the year 2007 to 2011 the United States has had more of a steady incline in regards to annual percentage growth for the GDP. This happens because of the quality of life that we have. Our people are more educated the standard of living is higher...
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...University Sciences-Po/Columbia University Princeton University Princeton University University of Warwick Harvard University London School of Economics University of Chicago Sciences Po Rapporteurs Jean-Etienne CHAPRON General Rapporteur Didier BLANCHET Jacques LE CACHEUX Marco MIRA D’ERCOLE Pierre-Alain PIONNIER Laurence RIOUX Paul SCHREYER Xavier TIMBEAU Vincent MARCUS INSEE INSEE OFCE OCDE INSEE INSEE/CREST OCDE OFCE INSEE Table of contents EXECUTIVE SUMMARY I. SHORT NARRATIVE ON THE CONTENT OF THE REPORT Chapter 1: Classical GDP Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Chapter 2: Quality of Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Chapter 3: Sustainable Development and Environment . . . . . . . . . . . . . . . . . . . . . 61 II. SUBSTANTIAL ARGUMENTS PRESENTED IN THE REPORT Chapter 1: Classical GDP Issues . . . . . . . . . . . . . . . . . . . . . . ....
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...8th International Conference on Islamic Economics and Finance Measurement of Financial Development: A Fresh Approach Noureen Adnan 1 Financial development can be defined as the policies, factors, and the institutions that lead to the efficient intermediation and effective financial markets. A strong financial system offers risk diversification and effective capital allocation. The greater the financial development, the higher would be the mobilization of savings and its allocation to high return projects. Financial development can be measured by a number of factors including the depth, size, access, and soundness of financial system. It can be measured by examining the performance and activities of the financial markets, banks, bond markets and financial institutions. It is observed that higher the degree of financial development in a country, the wider will be the availability of financial services. A developed financial system offers higher returns with less risk. In this paper it is attempted to collect main components of financial development including Banks, Stock markets, insurance companies and bond markets for 41 economies during the period of 1988 to 2009. The method of principal component is utilized to extract a single financial development index out of them. Principal component analysis is a modern tool of data analysis. The main aim to apply principal component to achieve a meaningful index out of complex and multidimensional elements of financial development...
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...Macro Econoshit Chap 4 Terms | Definitions | Prosperity | The capacity/ availability to satisfy needs by means of products or services | Production | The values added to the process of goods from natural resources. | Production factors | Resources used for production 1. Labor 2. Natural resources 3. Capital | Gross Domestic Products (GDP) | Total production of goods and services within the borders of a country | Comparison of GDP per capita3 steps | 1. Calculate the GDP per capita ( GDP/population) 2. Convert to a common currency 3. Adjust for the differences in the purchasing power of the currency per country | Economic growth | Growth in production | Welfare/well-being | The sense of contentment or satisfaction people in a society have | Human Development Index (HDI) | A metric to determine the welfare of a population | 3 ways to measure production | 1. Production approach: Adding up the total added value of the goods and services of a country 2. Income approach: Adding up all the remuneration for the resource owners in that country 3. Expenditure approach: Adding up all the expenditure of the country | Gross National Income (GNI) | Total production + Total Income | Production factors of capital | 1. Durable capital goods (>1 year) 2. Floating capital goods (<1 year) 3. Consumables (Added during the processes) | Production factors of labor | 1. The size of population 2. Participation rate | Causes of rises in...
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...Assignment On Relationship between GDP & HDI Submitted ToCourse Instructor Of B-University of DhakaDepartment of Banking | Submitted ByMd. Yasir ArafatId No. 62B.B.A 13th BatchDepartment of BankingUniversity of Dhaka | Date of Submission08.o7.09 | Introduction to GDP A region's gross domestic product, or GDP, is one of the ways of measuring the size of its economy. The GDP of a country is defined as the total market value of all final goods and services produced within a country in a given period of time (usually a calendar year). It is also considered the sum of value added at every stage of production (the intermediate stages) of all final goods and services produced within a country in a given period of time. Components of GDP Each of the variables C (Consumption), I (Investment), G (Government spending) and X − M (Net Exports) (where GDP = C + I + G + (X − M) as above) C (Consumption) is private consumption in the economy. This includes most personal expenditures of households such as food, rent, medical expenses and so on but does not include new housing. I (Investment) is defined as investments by business or households in capital. Examples of investment by a business include construction of a new mine, purchase of software, or purchase of machinery and equipment for a factory. Spending by households (not government) on new houses is also included in Investment. In contrast to its colloquial meaning, 'Investment' in GDP does not mean purchases...
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...Growth………………………..……………..………………………9 Competitive Intensity…………………………..………………...……………………9 Segmentation……………………………………………….….……………………10 Appendix………………………………….…………………………………………12 Work Cited……………………………………..………………….………………...14 Introduction MUJI is distinguished by its design minimalism, emphasis on recycling, avoidance of waste in production and packaging, and no-logo or "no-brand" policy. The name MUJI is derived from the first part of Mujirushi Ryōhin, translated as No Brand Quality Goods. If people say it is a brand, it is better to say MUJI is a philosophy of life. MUJI does not emphasize the so-called fashion sense or personality nor endorses popular brands should raise his status. On the contrary, MUJI is coming from the consumer point of view to develop products that "plain handy". When MUJI promote rational consumption, the company also let customers reach a great psychological satisfaction, and redefined the true value of the "plain handy". People concerned about environmental protection and international, and these ideas are already in the minds of many people. For example, the environmental problems brings to the Earth and the shadow of human existence, it is been...
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...opposite be true, could less be more? More is more We have grown up surrounded by abundance, and we are always achieving for more and aspiring to get the next best thing. We work more hours to get paid more to buy more things in the hopes of being happier. This belief is somewhat true. Income and happiness are related to a certain extent. An increase in the level of income is positively related to an increase in the level of happiness, until achieving an annual income of approximately 13,000 USD. After this point, happiness remains stable even when the income increases.1 Since 1950, GDP per capita in countries like the UK and the US has more than tripled, but people there are not any happier than before. Why is that? World experts in the subject of happiness, Dr. Diener, Dr. Lyubomirsky and Dr. Seligman, showed that once the essential needs to support life, such as adequate water, food, and housing, are met, additional money does not buy additional happiness.3 However other things do, such as being healthy, having meaningful relationships, a positive frame of mind, being engaged in meaningful work and being altruistic.4 Therefore why is...
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...Global Business Cultural Analysis of South Korea John Smith University of Rochester BUS 800 – INTERNATIONAL BUSINESS Dr. Peterson March 6, 2015 Abstract Today, the United States conducts a substantial amount of business with South Korea. It is important that American managers, entrepreneurs, and businessmen understand the South Korean social, cultural, and religious dimensions of the nation. The South Korean culture and customs are uniquely different from those of the United States. The culture and customs of the United States are based on European traditions and religious Christian beliefs. The culture and customs of South Korea are based on Confucianism’s way of life, Buddhism’s individual salvation, and since the 1950’s Christianity’s redemption of the soul. American businesses that incorporate South Korean culture into American business practices will develop long lasting business relationships with their South Korean counterparts. American businessmen working in multinational corporations have adjusted well the collectivist culture of South Korea. Multinational enterprises considering cross border business in South Korea can feel safe investing in South Korea. Keywords: South Korea, United States, cultural dimensions, multinational business, Hofstede. Introduction South Korea is one of the United States most important strategic and economic partners in Asia. Members of Congress tend to be interested in South Korea for political purposes. South...
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...Political, Social, and Economic Environments of the United Kingdom December 2, 2010 Political, Social, and Economic Environments of the United Kingdom Historically, the United Kingdom has been one of the dominant world powers. While much of their power has declined over the course of the last 100 years, the UK remains a relevant western power in today’s world. The reason for this are varied between their political and legal history, social environment and economic status in today’s world. Political and Legal History Prior to 1707, the nations that currently make up the UK were each separate states. On May 1, 1707, the UK was formed by the unification of the kingdoms of England, Scotland, and Wales by the Act of Unions (Duncan 2010). This act formally joined all three kingdoms located on the British Isle under the same crown and government, with England remaining the most powerful entity within the UK. Also formed under the Act of Unions was the Parliament at Westminster, the UK’s main political body and rough equivalent to the United States’ Congress (Duncan 2010). Nearly 100 years later, the kingdom of Ireland joined the UK under the Union with Ireland Act of 1800 (Office of Public Sector Information). While Ireland would remain a part of the UK for over 120 years, they would leave the UK on December 6, 1921 as part of the Anglo-Irish Treaty (Factindex.com 1). During Ireland’s exit from the UK, the subdivisions of Ireland had to each approve the move to leave the...
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...Q1: A- GDP is used to measure the wealth and prosperity of nations in addition to that it measure the overall growth or decline of a nation's economy. The most common way to measure GDP is the expenditure approach. GDP in expenditure approach is the sum of the following elements: Total domestic consumption:This is the total amount spent on domestically produced services and final goods whether it was tangible such as food and clothing or intangible such as doctor fees and cleaning. Total domestic investment expenditures:This measurement includes investments in stocks and bonds in addition to the investments in equipment such as computer servers and commercial buildings that will be useful over a long period of time. Government expenditures:such as military salaries and building roads, however it does not include social security payments and welfare. Net exports: where it is the total of goods produced domestically and sold to foreigners minus goods produced by foreigners and sold domestically. Regarding to above, using GDP as a measure of a nation's economy is quite good because it measures the nation buying power over a given time period. Moreover, GDP can be used as an indicator of a nation's overall standard of living where nation's standard of living increases as GDP increases. However, there are a number of shortcomings to using GDP. Firstly,GDP is computed at market prices which means that it ignores externalities such as environmental...
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