Re: Backed money/Mike Sproul

["ÁÎ×Ó¹â Henry C.K.Liu ¹ù¤l¥ú" <hliu@xxxxxxxxxxxxxx>]

GDP without regrad to GINI coefficient says very little about income
distribution or consumption pattern.  Per cpita GDP obviously says
nothing about how each or even the everage individual contributes or
consumes his share of the GDP.
Standard of living is also a very problematic term.  A high income and
high cost region, such as NYC, does not neccesarily have the highest
standard of living.  The middle class in many economies earns less than
the equivalent of the US minimum wages and enjoys a higher standard of
living than the US poor. The pathology of poverty involves social
despair rather than absolute income alone.

Henry C.K. Liu


"Alan G. Isaac" wrote:

> MR PHILIP DAVID CLARKE wrote:
>
> > what do you think of the contention that a rising GDP means a
> > rising Standard of Living
>
> There is certainly no necessary (e.g., logical) link.
> See e.g. the discussions in S. Lebergott's _Wealth and Want_.
> But speaking pragmatically/historically, it has not been a
> bad rule of thumb.
>
> Alan Isaac
>
> PS I assume you mean real GDP per capita, and that you are
> referring strictly to the material standard of living.