“Is the GDP Still Accurate in the Digital Age?”

“Is the GDP Still Accurate in the Digital Age?”

What the GDP measures, if anything, has become quite the issue in the digital age. Consider this data:

In 2012, U.S. Real GDP was $15,345.63 billion and Real Per Capita GDP was $48,842 billion.

Five years later, at the end of 2017, U.S. Real GDP was $17,096.18 billion and Real Per Capita GDP was $52,446 billion. (All data was extracted May 20, 2018, from FRED https://fred.stlouisfed.org/.)

Read this blog, GDP: Falling Short, (https://blogs.imf.org/2017/12/22/gdp-falling-short/). to help you answer this week’s discussion questions.

Reply to these questions in your response:

Considering the data above, did the U.S. make progress? Explain your answer.
Given what you know now about economics, should the measure of GDP be changed? Why or why not?

Talk with this peer: “Good evening, 1. Based on the data above, yes, the US made progress. The numbers increased every year so that is clearly progress”

2.” According the the article, the GDP is not sharing data as it should like large companies making huge profits. The numbers for the GDP show improvements from our perspective but because they are not efficient with reporting data this is probably not the case and why they are suggesting that they are less productive due to the digital activities within the community. “

Review the above peer’s post and let him/her know if you agree or disagree with their reasoning about U.S. progress or the measure of GDP.

 

 

 

Sample Solution

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