Economics Homework Help
Economics Homework Help. Discussion question and peer reviews
DISCUSSION POST MUST BE 10+ SENTENCES AND THE PEER REVIEWS MUST BE 7+ SENTENCES PLEASE USE YOUR OWN WORDS AND DO NOT COPY FROM OTHER SITES STAY ON TOPIC ,BE POSITIVE , AND DO NOT COMMENT ON GRAMMAR ERRORS. TALK DIRECTLY TO CLASSMATES IN PEER REVIEWS!!! YOU MUST COMPLETE BOTH PEER REVIEWS AND DISCUSSION QUESTION!! THANK YOU
- 1) DISCUSSION QUESTION
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“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, 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 a peer:
- Review a 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.
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2) PEER REVIEW #1 (GREGORY)
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Good Afternoon Classmates and Professor Stallo,
Based on the information provided you can say the US has improved significantly. The Real GDP is examining the value of all goods and services produced by the economy as a whole. When looking at the information provided it is clear the Real GDP has increase by $1750.55 billion from 2012 to 2017, and the Real Per Capita GDP has increased by $3604 billion.
I do think the GDP should be updated. The information provided within the GDP is very valuable and useful while determining the spending in the economy, but we can improve it in areas such as childcare. The productive capacity of the economy doesn’t grow because of the more dollars spent, but it grows and becomes more productive because of the more resources used to make it day to day. Today, people are using resources they never thought just to survive, and this should be included when determining the GDP.
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3) PEER REVIEW #2 (ISABELLE)
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Hi Everyone,
When you consider the data above, the U.S. has made progress within those five years. The U.S. Real GDP increased by approximately $2 billion, going from $15,345.63 billion to $17,096.18 billion. The Real Per Capita GDP increased by approximately $4 billion going from $48,842 billion to $52, 446 billion.
Based on the blogpost, “GDP: Falling Short”, GDP used to be the measure of growth mainly for mass production and manufacturing. In the digital age of economy, it has become more difficult to measure accurately. One of many reasons is due to companies not sharing the data needed. When big, profitable companies don’t share their data with the government, it throws off the GDP which in turn doesn’t help the country run as efficiently as it could if it had that data to begin with. Not having that data causes a huge amount of inaccuracy which also doesn’t help the government. Given this reason alone, the measure of GDP should be changed to reflect the current era of the economy. Changing this system should also come with new rules and regulations that all companies have to follow.
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