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In this weeks discussion board I will explain the advantage of the the forum and what it has developed overtime for a better way to analyze the world’s gross domestic product (GPD). Based on the World Economic Forum (WEF) its key to successly move forward in the future is to combine , survive by staying relevant and up to date lastly by having an solution. For exle, WEF states to develop ways of combining communities so that together they are much more than the sum of their parts . Next they plan to survive and thrive the world’s leading corporations this way they will be able to learn from the next generation . Then the world economic forum states the solutions to the problems of the future cannot be found without understanding the motivations of global business and how it can leverage them for change (Klaus Schwab . Founder and Executive chairman). Whereas although the world’s gross domestic product is the total of all value added and created in an economy the WEF incorporates all of what the GPD offers but on a wider bases and more evolved. Being that the world is way more advanced than how it was in the past and WEF ability to incorporate as well as keep track of the worlds resources so easily is what makes it so superior.
The Bureau of Economic Analysis (BEA) defined GDP as the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.
The new indicators developed by the Forum outperform GDP in three ways: they are more comprehensive, more adaptable to change, and more transparent.
To begin with, the indicators used by the Forum are more comprehensive than GDP. Only the value of final products and services produced inside a country’s boundaries is captured by GDP. It excludes the value of intermediary products and services, as well as non-market activities such as unpaid household labor. All these factors are captured by the Forum’s metrics, providing a more comprehensive view of economic activity.
Second, the metrics used by the Forum are more adaptable to change. GDP is a lagging indicator, which means it only records economic activity that has already occurred. The Forum’s indicators, on the other hand, are leading indicators, capturing upcoming economic activity. Since a result, the Forum’s indicators are more relevant for policymakers, as they may assist them in anticipating and responding to economic developments.
Third, the measurements used by the Forum are more transparent than GDP. GDP is estimated using complicated statistical procedures, and the data that underpins it is often unavailable to the public. The measurements used by the Forum, on the other hand, are derived using straightforward, transparent techniques, and the data that underpins them is open to the public. As a result, the Forum’s metrics are more accessible to the broader public and beneficial for informing public discourse.
I hope you all had a good weekend it is finally getting hot in northern WI. Memorial weekend as the professor spoke of in the announcements as well as some of you in your discussion post is a day in which we remember those who have given the ultimate sacrifice for our freedom. It hits very close for me, and I am grateful everyday to be back stateside. Through certain experience in life, you truly learn to appreciate the little things. GDP is and outdated system as is much of our current economic, legal, and educational systems with the fast advancement of technology and natural growth of humanity. I am not one for mandated regulations which naturally constricts freedoms, however the WEF is going in the right direction with this new system design.
Much like a satellite in space can survey the weather across an entire continent so can the GDP give an overall picture of the state of the economy (Landefield, 2000). In truth the GDP is still a relevant tool that with a new adjustment as presented in my reference from the BEA, could continue to help us understand and grow our economy moving forward. With every technological advancement, million-dollar idea, or even natural disaster the GDP must be recalculated to account for new variables adjusting to that certain period and future predictions.
Prosperity would allow for more concise predictions towards wealth inequality and social mobility allowing for a significant adjustment in this field. As of now this section though to GDP is given different meaning and is not always analyzed correctly. It is difficult to account for small numbers in the GDP being such a large data set. As of now we follow the golden rule that predictions can be found in larger statistics which can be planned for. With a specific dimension of prosperity, we could better regulate the help need from low-income families to new business to stimulate new market growth in certain areas.
Planet Dimension would open a whole new area within our economy. Though already regulated by the Current GDP, this would be the foundation to better assist world economies towards a cleaner and greener tomorrow. This should not be a mandated focus approach on switching to electric cars. Through economic analyzes we could develop a plan to coordinate globally economic growth through finding new energy means and lowering emissions. Holding business and whole countries accountable to do their part in keeping our planet healthy. Perhaps a heavy fine to the business that doesn’t abide that must be paid back to economy for future expenditures to the incident?
The biggest one I support out of the four dimensions is People. Adequate access to public education and health is vital to economic growth. You don’t need to worry about the economy if there is no one to participate in it. Of the four dimensions this one co-exist with all and can have a significant impact. The current GDP foundation focuses more on number aspect rather than the person. Any business or organization that treats employees as numbers and not people feel the effects in long run. With this dimension we could ensure decision are made for the future that have a positive effect on future generations to come and continue to grow our economy.
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