Global ranking of GDP per capita

[Toddsterpatriot]

ToddsterPatriot, regardless of how often you post what's essentially your same question,my response will remain to be: "we last discussed national trade deficits within the thread "Credible economists do not refute annual trade deficits detrimental affects upon their nation's GDP". You didn't understand my or the Encyclopedia Britannica's explanation of nation's international trade balance's effects upon their nation's GDP. You may choose and read another source that you consider to be credible and authoritative; but the concepts regarding this topic are apparently beyond your comprehension".
Supposn

 

[EdwardBaiamonte]

CNM, thank you for your input.
Wellbeing budget seems to me as probably being a worthy social and economic concept for gauging living standards. But there aren't yet sufficiently available credible and/or authoritative sources of comparative national ranking data regarding it. Respectfully, Suppposn

Best way to overcome a trade deficit and increase living standard is to make better cheaper stuff so the other guy has the trade deficit. Hiring a Nazi govt to regulate trade so there is no deficit is just a goofy idiotic accounting gimmick that will do nothing whatsoever to help us make better cheaper products. In fact, subsidizing bad products would further accelerate our decline.

 

[Supposn]

Best way to overcome a trade deficit and increase living standard is to make better cheaper stuff so the other guy has the trade deficit. Hiring a Nazi govt to regulate trade so there is no deficit is just a goofy idiotic accounting gimmick that will do nothing whatsoever to help us make better cheaper products. In fact, subsidizing bad products would further accelerate our decline.

Edward Baiamonte, who's being subsidized how? Respectfully, Supposn

 

[cnm]

Edward Baiamonte, who's being subsidized how? Respectfully, Supposn

US farmers. By government subsidies/compensation.

 

[ESay]

I have this $100 in my hand.
I use it to buy a German import.
How do I impact US GDP by my actions?

That is an interesting question. If the price of this German item includes the fees you must pay on American 'soil', then you contribute to growing of the US GDP. But that is from my perspective.

 

[Supposn]

That is an interesting question. If the price of this German item includes the fees you must pay on American 'soil', then you contribuo

Esay, I did answer Whining ToddsterPatriot's question, but the topic and the answer is beyond his comprehension.
Nations' balances of international trade always contributed to surplus nations' and reduced trade deficit nations' gross domestic product, (GDP). This is a fact rather than an opinion.

USA's great chronic annual trade deficits (more than otherwise) reduce our numbers of jobs and increase unemployment. Respectfully, Supposn

 

[ESay]

Esay, I did answer Whining ToddsterPatriot's question, but the topic and the answer is beyond his comprehension.
Nations' balances of international trade always contributed to surplus nations' and reduced trade deficit nations' gross domestic product, (GDP). This is a fact rather than an opinion.

USA's great chronic annual trade deficits (more than otherwise) reduce our numbers of jobs and increase unemployment. Respectfully, Supposn

Every country which trades with another country contributes to this country's GDP. No matter what the balance of their international trade is.

If you say that a country should reduce its trade deficit and have a surplus in a foreign trade, and that will lead to increasing GDP and lowering unemployment, then yes it may well be the case. Though, basically GDP doesn't have a direct connection with a trade deficit or surplus.

As for the US.. I think that trading surplus is a good thing for every country and it should try to achieve this goal if possible. But if you look at the unemployment figures in the US before the pandemic, you will see that unemployment rate was the lowest since the 1950s. And that is with millions of illegal immigrants in the US and a significant part of production having been taken abroad over the decades. Basically, there aren't many sources to increase the production inside the US if we look at the workforce reserves.

Except of that, as long as the US dollar is a leading currency in international trade and reserves, the US government can sell it around the world as any commodity or goods. And by this to cover all deficits it faces.

 

[Toddsterpatriot]

Esay, I did answer Whining ToddsterPatriot's question, but the topic and the answer is beyond his comprehension.
Nations' balances of international trade always contributed to surplus nations' and reduced trade deficit nations' gross domestic product, (GDP). This is a fact rather than an opinion.

USA's great chronic annual trade deficits (more than otherwise) reduce our numbers of jobs and increase unemployment. Respectfully, Supposn

Liar.

 

[Supposn]

Every country which trades with another country contributes to this country's GDP. No matter what the balance of their international trade is. ...

ESay, if a nation's annual international trade was surplus, deficit, or equally balanced was determined by their entire net balance rather than the trade balance with an individual foreign nation. Nations' balances of international trade always contributed to surplus nations' and reduced trade deficit nations' gross domestic product, (GDP). This is a fact rather than an opinion.

Please explain "Every country which trades with another country contributes to this country's GDP. No matter what the balance of their international trade is"? Respectfully, Supposn

 

[Supposn]

... If you say that a country should reduce its trade deficit and have a surplus in a foreign trade, and that will lead to increasing GDP and lowering unemployment, then yes it may well be the case. Though, basically GDP doesn't have a direct connection with a trade deficit or surplus. ...

ESay,a nation's balance of international trade affects its GDP; it's not the reverse of that.

Annual trade deficits always reduced their nation's GDP. I'm among the proponents of the unilateral international trade policy described within Wikipedia's "Import certificates" article. Refer to
Import certificates - Wikipedia .
Respectfully, Supposn

 

[Toddsterpatriot]

Annual trade deficits always reduced their nation's GDP.

Liar.

 

[ESay]

Please explain "Every country which trades with another country contributes to this country's GDP. No matter what the balance of their international trade is"

If say the US buys goods from Germany, then the US contributes to German GDP. And vice versa.

 

[Supposn]

If say the US buys goods from Germany, then the US contributes to German GDP. And vice versa.

If say the US buys goods from Germany, then the US contributes to German GDP. And vice versa.

ESay, regardless of what individual or aggregate circumstances, actions, or lack of actions affect USA's annual GDP, if we in that period imported more than the value of our exports, we were then a trade deficit nation. Due to our negative balance of international trade, USA then had fewer jobs and payrolls than otherwise. If we then had a negative balance of trade with Germany, that trade consequently "contributed" to USA's lesser jobs and payrolls than otherwise.
Respectfully, Supposn

 

[Supposn]

US farmers. By government subsidies/compensation.

CNM, refer to the thread entitled:
" Business Accounting and Agricultural Commodity Price Supports ".
I’m intrigued by President Truman’s idea for denying federal agricultural price support payments to large corporations, but I can only speculate as to how he supposed that could be accomplished. ... Respectfully, Supposn

 

[ESay]

ESay, regardless of what individual or aggregate circumstances, actions, or lack of actions affect USA's annual GDP, if we in that period imported more than the value of our exports, we were then a trade deficit nation. Due to our negative balance of international trade, USA then had fewer jobs and payrolls than otherwise. If we then had a negative balance of trade with Germany, that trade consequently "contributed" to USA's lesser jobs and payrolls than otherwise.
Respectfully, Supposn

I am not arguing that the US isn't a trade deficit country and said above that basically a trade surplus is a good thing for a country.

I think you should re-read my post 27 once again to understand my point.

 

[Supposn]

I am not arguing that the US isn't a trade deficit country and said above that basically a trade surplus is a good thing for a country.

I think you should re-read my post 27 once again to understand my point.

ESay, regardless of an economy's condition of wealth or poverty, annual trade deficits reduced their nation's GDPs. Millionaires may flaunt their conspicuous consumption by lighting their cigars with hundred dollar bills. USA can continue experiencing chronically great annual trade deficits. Both practices are sustainable and both reduce their practitioners wealth.
Annual trade deficits always reduced their nation's GDP. I'm among the proponents of the unilateral international trade policy described within Wikipedia's "Import certificates" article. I'm opposed to undermining employees, their dependents and all enterprises that are sensitive to the financial conditions of those portions of our nation.
Refer to: Import certificates - Wikipedia
Respectfully, Supposn

 

[Supposn]

... Basically, there aren't many sources to increase the production inside the US if we look at the workforce reserves.

Except of that, as long as the US dollar is a leading currency in international trade and reserves, the US government can sell it around the world as any commodity or goods. And by this to cover all deficits it faces.

ESay, you're contending we must reconcile ourselves to the poor quality of our grade-schools and our vocational educational systems? Any degree of our educational and training improvement would be reflected by no lesser degree of our economic and social wellbeing.

Yes; currency exchange markets treat currencies as a commodities. Why does that justify our tolerating USA's great chronic annual trade deficits' detrimental effects upon our numbers of jobs and aggregate payrolls? Respectfully, Supposn

 

[ESay]

ESay, you're contending we must reconcile ourselves to the poor quality of our grade-schools and our vocational educational systems? Any degree of our educational and training improvement would be reflected by no lesser degree of our economic and social wellbeing.

Yes; currency exchange markets treat currencies as a commodities. Why does that justify our tolerating USA's great chronic annual trade deficits' detrimental effects upon our numbers of jobs and aggregate payrolls? Respectfully, Supposn

Well, I can reiterate that I don't see a direct equation between GDP and trade deficit. You can have a growing GDP with a growing trade deficit.

About a trade deficit per se.. I already said that a trade surplus is a good thing for a country and basically every country should strive to have it.

The US can offset its deficit by 'exporting' its currency. But it may well be that at some point in the future it won't have this ability. And there should be a strategy to reduce the deficit over the time and have a surplus. What this strategy should be I don't know. It may well mean some protective measures against imports. Like import certificates mentioned by you.

 

[Toddsterpatriot]

About a trade deficit per se.. I already said that a trade surplus is a good thing for a country and basically every country should strive to have it.

It's an accounting thing, for every $1 in trade surplus, there must be $1 in trade deficit.

 

[ESay]

It's an accounting thing, for every $1 in trade surplus, there must be $1 in trade deficit.

Can you elaborate what you mean?