SOCI 254 Lecture Notes - Sub-Saharan Africa, Black Market, Food Security
6 Dec 2011
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Document Summary
How do we measure development: gdp and other economic measures, hdi. It is not a measure of the standard of living. All residents of an area will eventually benefit from the. Advantage lies in the measurement totality of goods and services produced. Measurement is available almost anywhere in the. Allows us to compare one country to another (with world limitations: legitimate use in sub-national unit comparisons. Limitations of gdp and similar measures (important): economy: cannot determine inequality of equality of wealth distribution, non-market transactions unregistered contributions to national. Cash transactions which are not registered: underground economy unrecorded economic activity. Gdp never takes into account the value of assets, the. Primitive methods may be used to produce something value of what you already have: asset value in large amounts vs. expensive new machinery that may produce less. But, a lot of production goes into fixing damage. Gdp, but the destruction of assets doesn"t: sustainability of growth.
