GEO702 Lecture 1: Class 2 - Canadian Economic Environment

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31 May 2016
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Wednesday, May 4, 2016
Class 2 - Canadian Economic Environment
Notes
-TOOL 1 & 2: UNDERSTANDING GPI
GPI: Genuine Progress Index (holistic), used by government and communities,
measures the real costs and benefits of economic activity
-2 Tasks GPI wants to achieve:
Define and measure consumption in a way that provides a better
approximation of actual wellbeing than the simple measure of marketed goods
and services that appears in the national accounts
Account for the sustainability of consumption by incorporating measures of
change in the value of capital stock
-GPI calculates:
Types of Capital
-Built, Financial. Natural, Human & Social
-GPI calculates if the initial investment of anything is worth it later on
Defensive expenditures: Response to a drop in social well-being (guns)
Depletion of non-renewable natural resources
Time accounting
Costs of large-scale environmental degradation
Understanding ‘de-growth’
-As GDP increases, so does overall consumption for a nation
-Therefore, resources and energy are being consumed quicker, impacting the
world
-De-growth is slowing down that process in order to slow down the consumption,
unemployment, economic turmoil of a place
-GPI acts as ‘mediator for economic, social, geographical and political factors to
understand GDP
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