Re:Why is the American dream dead in the south?
by Retric on Monday January 27, 2014 @12:04AM
(#7128910)
There are plenty of alternatives out there GDP is simply vary generic and became the most well known outside the field of economics. Depending on what your trying to measure other other tools are much more accurate.
Sort of like your doctor wanting to know your blood pressure for somethings and your weight for others. They can both tell say something about your risk of heart attack but blood pressure also indicates other more immediate issues and your weight is vital when prescribing medication.
EX: Subtracting exports and adding imports is useful when tracking quality of life adding exports and subtracting imports is useful when measuring economic strength. However, the difference between exports and imports tends to make up a small fraction of the economy so it's not that important.
Sort of like your doctor wanting to know your blood pressure for somethings and your weight for others. They can both tell say something about your risk of heart attack but blood pressure also indicates other more immediate issues and your weight is vital when prescribing medication.
EX: Subtracting exports and adding imports is useful when tracking quality of life adding exports and subtracting imports is useful when measuring economic strength. However, the difference between exports and imports tends to make up a small fraction of the economy so it's not that important.