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Why the per capita statistic is a meaningless one! (Read 3475 times)
Ajax
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Why the per capita statistic is a meaningless one!
Jun 11th, 2018 at 12:01pm
 
Usually divided into a nations GDP we get some number based on the size of the population and then compare it to another nation apparently this is supposed to show the health of the economy and standard of living of the population in reality this number tells us nothing.

Gross Domestic Product (GDP based on a nations total economic activity representing the monetary value of all goods and services produced within that country.

As an example let’s take one element of GDP in Australian wine exports year ending 2017 were $2.56 billion.

Australia’s population 24 million.

Now if we divide the wine exports by Australia’s population what do we get….???

2,560,000,000 / 24,000,000 =  106.7

Are we all richer by $106.7 dollars…?? Because of the wine exports, were the dividends distributed evenly to the Australia population…??

It’s meaningless number that tells us nothing about the health and state of the population, the wine or the money.

There's my con....!!!

Where's your pro...???

Own words please.
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Re: Why the per capita statistic is a meaningless one!
Reply #1 - Jun 11th, 2018 at 12:33pm
 
Would you rather live in a country with a per capita GDP of $100 or $100000? You can import any wine they don't make locally, if you can afford it.
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Ajax
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Re: Why the per capita statistic is a meaningless one!
Reply #2 - Jun 11th, 2018 at 12:55pm
 
freediver wrote on Jun 11th, 2018 at 12:33pm:
Would you rather live in a country with a per capita GDP of $100 or $100000? You can import any wine they don't make locally, if you can afford it.


It all depends on the size of the population as well as how high the GDP.

Australia GDP 1.2 trillion

Australian Population 24 million

1200,000,000,000 = 50,000
       24,000,000

Average wage in Australia = $80,000 per annum

Qatar GDP 152.5 Billion

Qatari Population 2.52 Million

152,500,000,000 = 60515
       2,520,000

Average wage in Qatar = $138,000 per annum

Nigeria GDP 405.1 Billion

Nigerian Population 186 Million

405,100,000,000 = 2178
       186,000,000

Average wage in Nigeria = $3600 per annum


Not convinced.

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« Last Edit: Jun 11th, 2018 at 1:03pm by Ajax »  

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Re: Why the per capita statistic is a meaningless one!
Reply #3 - Jun 11th, 2018 at 1:07pm
 
So living in a large country with a GDP of $100 per person would be preferable to you to living in a small country with a GDP of $100000 per person?
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Ajax
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Re: Why the per capita statistic is a meaningless one!
Reply #4 - Jun 11th, 2018 at 1:11pm
 
freediver wrote on Jun 11th, 2018 at 1:07pm:
So living in a large country with a GDP of $100 per person would be preferable to you to living in a small country with a GDP of $100000 per person?


Never said that, all I'm saying is as the title suggests its a meaningless statistic as the following proves.

USA GDP 18.57 trillion

USA Population 325.7 million

18,570,000,000,000 = 57015
       325,700,000

Average wage in USA = $81,000 per annum

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Re: Why the per capita statistic is a meaningless one!
Reply #5 - Jun 11th, 2018 at 1:12pm
 
GDP per capita is a far more accurate measure than the flat GDP that is currently used.
Politicians currently use immigration to artificially inflate the GDP figure.
Is GDP per capita perfect? No, but it is more useful than just a GDP figure
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Re: Why the per capita statistic is a meaningless one!
Reply #6 - Jun 11th, 2018 at 1:12pm
 
freediver wrote on Jun 11th, 2018 at 1:07pm:
So living in a large country with a GDP of $100 per person would be preferable to you to living in a small country with a GDP of $100000 per person?

wouldn't that only be meaningful if the country was communist and every person got the same share......A few really rich getting heaps and everyone else crap will still be the same gross wont it ?
so a more equal gross product thats lower would be better for all , than a high gross product when only a few get it all the rest a crumb... wouldnt it ?
. Wink Wink
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Ajax
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Re: Why the per capita statistic is a meaningless one!
Reply #7 - Jun 11th, 2018 at 1:16pm
 
The_Barnacle wrote on Jun 11th, 2018 at 1:12pm:
GDP per capita is a far more accurate measure than the flat GDP that is currently used.
Politicians currently use immigration to artificially inflate the GDP figure.
Is GDP per capita perfect? No, but it is more useful than just a GDP figure


How is it more useful....???

What does it tell me more than just the total GDP figure...??
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Re: Why the per capita statistic is a meaningless one!
Reply #8 - Jun 11th, 2018 at 1:16pm
 
Current Australian labor participation rate is 65.6%.

Panther's calculation GDP per capita factored by labor participation rate $50,000/0.656 = $ 76, 219 (Panther's AUD 80,000 is the median wage, not the average wage).

From Wikipedia Australia GDP per capita 49,927.82 USD = 65,693 AUD (2016)

You don't have to calculate GDP per capita it is already provided on the internet.

https://tradingeconomics.com/australia/gdp-per-capita

Average wage is around AUD 74,000 (AUD 1432.6 per week, 52 weeks) https://www.businessinsider.com.au/average-australian-weekly-pay-2018-2

There are still discrepancies between the various values which are not explained.

Could it be double counting of Two-headed Tasmanians?
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« Last Edit: Jun 11th, 2018 at 1:34pm by Unforgiven »  

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Re: Why the per capita statistic is a meaningless one!
Reply #9 - Jun 11th, 2018 at 6:22pm
 
Ajax wrote on Jun 11th, 2018 at 1:11pm:
freediver wrote on Jun 11th, 2018 at 1:07pm:
So living in a large country with a GDP of $100 per person would be preferable to you to living in a small country with a GDP of $100000 per person?


Never said that, all I'm saying is as the title suggests its a meaningless statistic as the following proves.

USA GDP 18.57 trillion

USA Population 325.7 million

18,570,000,000,000 = 57015
       325,700,000

Average wage in USA = $81,000 per annum



So all you are prepared to say is what you suggested with the title of the thread? Why not just answer the question?

Would you rather live in a country with a per capita GDP of $100 or $100000?

Does it really depend on the size of the country? If so, how?

DonDeeHippy wrote on Jun 11th, 2018 at 1:12pm:
freediver wrote on Jun 11th, 2018 at 1:07pm:
So living in a large country with a GDP of $100 per person would be preferable to you to living in a small country with a GDP of $100000 per person?

wouldn't that only be meaningful if the country was communist and every person got the same share......A few really rich getting heaps and everyone else crap will still be the same gross wont it ?
so a more equal gross product thats lower would be better for all , than a high gross product when only a few get it all the rest a crumb... wouldnt it ?
. Wink Wink


Another one who cannot possibly answer the question?
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Ajax
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Re: Why the per capita statistic is a meaningless one!
Reply #10 - Jun 11th, 2018 at 6:46pm
 
freediver wrote on Jun 11th, 2018 at 6:22pm:
So all you are prepared to say is what you suggested with the title of the thread? Why not just answer the question?

Would you rather live in a country with a per capita GDP of $100 or $100000?

Does it really depend on the size of the country? If so, how?


The simple answer fd is i would like to live in a country which i do with a big GDP turnover and a low population.

Like some of the examples i have given above.
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Re: Why the per capita statistic is a meaningless one!
Reply #11 - Jun 11th, 2018 at 6:52pm
 
Ajax wrote on Jun 11th, 2018 at 6:46pm:
freediver wrote on Jun 11th, 2018 at 6:22pm:
So all you are prepared to say is what you suggested with the title of the thread? Why not just answer the question?

Would you rather live in a country with a per capita GDP of $100 or $100000?

Does it really depend on the size of the country? If so, how?


The simple answer fd is i would like to live in a country which i do with a big GDP turnover and a low population.

Like some of the examples i have given above.


So to back up the idiotic claim in your thread title you will feign inability to answer a hypothetical question?
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Ajax
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Re: Why the per capita statistic is a meaningless one!
Reply #12 - Jun 11th, 2018 at 7:12pm
 
freediver wrote on Jun 11th, 2018 at 6:52pm:
Ajax wrote on Jun 11th, 2018 at 6:46pm:
freediver wrote on Jun 11th, 2018 at 6:22pm:
So all you are prepared to say is what you suggested with the title of the thread? Why not just answer the question?

Would you rather live in a country with a per capita GDP of $100 or $100000?

Does it really depend on the size of the country? If so, how?


The simple answer fd is i would like to live in a country which i do with a big GDP turnover and a low population.

Like some of the examples i have given above.


So to back up the idiotic claim in your thread title you will feign inability to answer a hypothetical question?


Ok plain answer is of course I would choose a country with GDP per capita $100,000 over a country with GDP per capita $100.

BUT it doesn't necessary mean life will be good because this statistic doesn't tell you very much as has been my point all along.
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Re: Why the per capita statistic is a meaningless one!
Reply #13 - Jun 11th, 2018 at 8:16pm
 
Ajax wrote on Jun 11th, 2018 at 7:12pm:
freediver wrote on Jun 11th, 2018 at 6:52pm:
Ajax wrote on Jun 11th, 2018 at 6:46pm:
freediver wrote on Jun 11th, 2018 at 6:22pm:
So all you are prepared to say is what you suggested with the title of the thread? Why not just answer the question?

Would you rather live in a country with a per capita GDP of $100 or $100000?

Does it really depend on the size of the country? If so, how?


The simple answer fd is i would like to live in a country which i do with a big GDP turnover and a low population.

Like some of the examples i have given above.


So to back up the idiotic claim in your thread title you will feign inability to answer a hypothetical question?


Ok plain answer is of course I would choose a country with GDP per capita $100,000 over a country with GDP per capita $100.

BUT it doesn't necessary mean life will be good because this statistic doesn't tell you very much as has been my point all along.


Is it meaningless?
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Re: Why the per capita statistic is a meaningless one!
Reply #14 - Jun 12th, 2018 at 6:09am
 
Ajax wrote on Jun 11th, 2018 at 12:01pm:
Gross Domestic Product (GDP based on a nations total economic activity representing the monetary value of all goods and services produced within that country.

As an example let’s take one element of GDP in Australian wine exports year ending 2017 were $2.56 billion.

Australia’s population 24 million.

Now if we divide the wine exports by Australia’s population what do we get….???

2,560,000,000 / 24,000,000 =  106.7

Are we all richer by $106.7 dollars…?? Because of the wine exports, were the dividends distributed evenly to the Australia population…??


I think you should think of it like the wine industry making the $2.5 billion dollars. Which means that the employees creating the wine are able to spend/invest that $2.5 billion dollars throughout the country.

We are richer overall in an average. But the money is still in the hands of the wine industry.
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