EdwardBaiamonte
Platinum Member
- Nov 23, 2011
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USA is more services oriented than England. So? Does that make our GDP low. Our people poor? Do you care if you earn 100k paycheck in goods or services. Do you have a higher standard of living because you earned it in goods rather than services?No, because for example for England, that gross domestic production is made almost entirely by the City of London banking deals. So that is not a descriptor, unless you pick a country that is mostly manufacturing, such as China.The GDP is an index that is valid only for the manufacturing sector.
more pretending you took Econ 101 and being laughed at by those who did? GDP is a measure of goods and services. As consumers we want both goods and services equally and want to consume more and more of both all the time.