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EC250 (34)
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September 26.docx

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Wilfrid Laurier University

September 26, 2013 GDP = GNP Clicker c) Minus income of Canadians abroad plus income of foreigners in Canada According to in 2011 the value of work of a stay at home mom was approx c)110 000 a year 2.7 other indices slide 47 Cross sectional study – relationship at a given moment of time Time series study – relationship over time As countries become richer people don’t seem to be happy through the time series study Human Development Index -income -life expectancy at birth -education Brazil, Russia India rdd China are behind Cathda in this Before Canada was 3 but now it is in the 6 place People weigh happiness more than income = Gross National Happiness -measures income, health, education, quality of governance as (cultural, social and environment) -can be manipulated by creators -3 equally valued indication = income, assets, and housing Happy Planet Index – measures subjective life satisfaction, life expectancy and ecological footprint Legatum Prosperity Index – ranks countries on the basis of over 80 variable such as economy, entrepreneurship, opportunity and etc Money Two reasons 1. Accounting is conducted in terms of money 2. Short run, changes in the quantity of money in the economy affect real variables Barter: good being sold exchanged directly for the good bein
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