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Irish Political Economy : GDP

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Irish Political Economy : GDP

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Irish Political Economy : GDP

  1. 1. ,_ 1. '_T, »CIAl, ISTW('JF: l.ERS u, ; , ‘6a'< aft r the x in THE M “ IESUS CHRIS _ ‘ V . CAIT TH“ ' '3“ ASUNDER ‘ / um mrnnnr ‘ ‘M N _x, y ABYSS_’ ' PAGAN wonsmr l’, E IITIIIE flflCfIlIl _" x 1:; c
  2. 2. Economics f A
  3. 3. f A Narrative Economics _, /
  4. 4. f A Narrative Economics
  5. 5. GDP
  6. 6. GDP stands for Gross Domestic Product. It is a measurement of certain types of economic activity. It measures the monetary value of goods and services that are produced within a nation during a given period and sold to consumers, government, investors or are exported.
  7. 7. GDP GDP is the way we measure and compare how well or badly countries are doing. Ireland real GDP cm :1 (annual IKMM nnud annually mm m} 1| Mann wvn-nrconcmkdulo 01' I Suuu wmmuo I
  8. 8. GDP The approach to measuring GDP most familiar from the newspapers and TV is the expenditures approach. Commentators talk about consumers opening their wallets or businesses reining back investment. The equation: GDP = Consumer spending -0- Investment spending + Government Spending + (Exports - Imports) GDP= C+l+G+(X-M) (Note: government spending is spending on goods and services - not transfer payments such as welfare or pensions)
  9. 9. GDP Being a monetary value measure, GDP therefore represents the part of the population's well-being that comes from consumption of goods and services sold on established markets http: //ec. europa. eu/ environment/ beyond_gdp/ FAQ_en. htm| #faq2
  10. 10. But GDP is not a measurement such as distance or temperature
  11. 11. Tree Height = (BA - OB) * Horiz. Distance Tree Height = (0.50 — (-0.05)) * 100 ft Tree Height = 55 ft Horizontal Distance 1l]lJ ft
  12. 12. Students Corner ‘ Statistis | Please selectatheme V [E How are GDP and GNP measured? then: are a number of ways to approach the measurement of GDP. In Ireland two of these are used. Under the income a roach we measure the different elements of income such as profits of companies and the self-employed, wages and salaries and rent of dwellings. Some adjustments are then made for items like stock changes. The other approach, is to measure the different ways in which this income is spent on goods and services. We estimate personal expenditure, government expenditure, spending on capita investment and exports. The latter contributes to Ireland's GDP because it is spending by other countries on Irish produced goods and services. On the other hand, we subtract imports from our calculation because this total is spending by Irish persons on the outputs of other countries. These two estimates should give exactly the same answer but, because of the different sources used, and the degree of estimation involved, never do. This is the experience in all countries. Countries resolve the problem in various ways. In Ireland, the official level of GDP is taken to be the average of the expenditure and income estimates. A balancing item is also displayed which is half of the difference between the two estimates. This is the amount by which both estimates have to adjusted to agree with the official level of GDP. In making these estimates, CSO uses a wide variety of sources. Almost all of the different inquiries conducted by C50 are used in one wa or another as w ll o course as providing information about their own subject matter. For example, employment totals from the QNHS (Post Census of Population 2011) help in calculating total wages and salaries the Household Budget Survey (PDF 321KB) is used in estimating personal spending and so on. t. >.-—, ~.1m- ii. l‘l1.’V‘i'f'i: ?. 'lH l ~-tp'4r7.,1'L~ '. ~~e«: g.m, im. E-’i~. .»1v-, Central Statistics Office, Skehard Road, Cork, Ireland '4t'a, ?m-I-. »'-rif_ D What are the National Accounts? I what are GDP and GNP? : The Growth Rate 3 Who uses the National Accounts? > Related Information . »+, =+= »ih= .r'. Tel: 353-21-4535000 l Fax: 353-21-4535555 . email: information@cso. ie Contact Census: Tel: 353-1-8951460 l email: census@cso. ie
  13. 13. What Is The QNHS? The Quarterly National Household Survey (QNHS) is a large-scale, nationwide survey of households in Ireland. It is designed to produce quarterly labour force estimates that include the official measure of employment and unemployment in the state (ILO basis). The survey began in September 1997, replacing the annual April Labour Force Survey (LFS). The QNHS also conducts special modules on different social topics each quarter. A fieldforce comprising 12 field co-ordinators and 152 field interviewers interview 39,000 households each quarter. Information is collected on laptop computers using computer-assisted personal interview (CAPI) software. The survey meets the requirements of Council Regulation (EC) No. 577/98 (PDF 42KB)adopted in March 1998, which requires the introduction of quarterly labour force surveys in EU member states. . l r~r. e:lr»n. in -rzfruvvnatmri * i: ;;t: =nwp I ‘»'M, L.z-: ‘s", -billl‘v l Prw Central Statistics Office, Skehard Road, Cork, Ireland > Core QNHS Outputs > QNHS Social Modules I Anonymised Microdata > Legal Basis > Fieldforce Structure {+59}; -_Z? {{ . rpéabacr 7 Tel: 3S3-21-4535000 I Fax: 353-21-4535555 I email: information@cso. ie Contact Census: Tel: 353-1-8951460 | email: census@c-: .o. ie
  14. 14. GDP The actual number for GDP is therefore the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework (p.37)
  15. 15. GDP The actual number for GDP is therefore the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework (p.37) Even though a quarterly decline of, say 0.2 percent in GDP could easily be revised to zero or an increase as the weeks go by and new estimates are published, knowing this seems to do nothing to reduce the expectation that the government should take action. (P-36)
  16. 16. Simeon Kuznets l90ll%5 "Distinctions must be kept in mind between quantity and quality of growth, between its costs and return, and between the short and the long term. " Goals for more growth should specify more growth of what and for what. '' "i A ' i L r A. in la " ii i , _ i-. - P ‘Jl: |1:‘ 5 1'". JV" .3," 2"? " .7‘ '9" ‘lift’ li" l["l"". J" ll? " .3.‘ if
  17. 17. Measurements of national income are subject to [the illusion of precision] and resulting abuse, especially since they deal with matters that are the center of conflict of opposing social groups where the effectiveness of an argument is often contingent upon oversimplification (p.6) NATIONAL INCOME, 1929-32 LETTER run: THE ACTING SECRETARY OF COMMERCE 1IA. VI! fl'| 'll0 IN IEGPONBIS T0 EENATB RESOLUTION NO. Th! (‘MD CONOJ A [SPORT ON NATIONAL menus, mo-n Jnlunv I, IIIIL-Julnvnd lo the Ccxmulil-I on H-nu UKITID ITAEB @Vlfl! lIlLfl IIDHTII) “I713 WAJITNGYEN I IIM
  18. 18. Measurements of national income are subject to [the illusion of precision] and resulting abuse, especially since they deal with matters that are the center of conflict of opposing social groups where the effectiveness of an argument is often contingent upon oversimplification (p.6) The valuable capacity of the human mind to simplify a complex situation in a compact characterization becomes dangerous when not controlled in terms of definitely stated criteria. NATIONAL INCOME, 1929-32 LETTER run: THE ACTING SECRETARY OF COMMERCE ‘IIA. VI! I‘I'| 'll0 III HEGPONBIS T0 EENATB RESOLUTION NO. Th! (‘MD CONGJ A [SPORT ON NATIONAL menus, mo-n Jnlunv I, IIIIL-Julnvnd lo the Ccxmulil-I on H-nu UITIID ITAEB @Vlfl! lIILfl IIDHTII) M713 WAJITNGYEN I IIM
  19. 19. Measurements of national income are subject to [the illusion of precision] and resulting abuse, especially since they deal with matters that are the center of conflict of opposing social groups where the effectiveness of an argument is often contingent upon oversimplification (p.6) The valuable capacity of the human mind to simplify a complex situation in a compact characterization becomes dangerous when not controlled in terms of definitely stated criteria. With quantitative measurements especially, the deliniteness of the result suggests, often misleadingly, a precision and simplicity in the outlines of the object measured. NATIONAL INCOME, 1929-32 LETTER run: THE ACTING SECRETARY OF COMMERCE ‘IIA. VI! I‘I'| 'll0 IN HEOPONBIS TO EENATB RESOLUTION NO. Th! (‘MD CONOJ A [BPORT ON NATIONAL menus, mo-n Jnlunv I, lllui-Julnvnd lo the Ccxmulil-I on H-nu UITIID ITAEB @Vlfl! lIILfl IIDUTIII) M713 WAJITNGYEN I IIM
  20. 20. Economic welfare cannot be adequately measured unless the personal distribution of income is known. NATIONAL INCOME, 1929-32 LITTER THE ACTING SECRETARY OF COMMERCE TILZTIHKI IN RESPONSE TO IINATB II-EOLIITIDN NO. fl (HI) %N0.) A [SPORT ON NATIONAL TNCUIII, Iflflnfl @ Juan! 1, Iuu. —Inhnod Io Ila Calmaluu an Hun.
  21. 21. Economic welfare cannot be adequately measured unless the personal distribution of income is known. And no income measurement undertakes to estimate the reverse side of income, that is, the intensity and unpleasantness of effort going into the earning of income. NATIONAL INCOME, 1929-32 LITTER THE ACTING SECRETARY OF COMMERCE ' III IEBPONBE TO IINATB REOLIJTIDN NO. ill (HD ($146.) A [IFORT ON NATIOI'IAL TNCUIII. Iflfifl @ Juan? (, mIL—Inhrred to In Colmnluu an llnuo
  22. 22. Economic welfare cannot be adequately measured unless the personal distribution of income is known. And no income measurement undertakes to estimate the reverse side of income, that is, the intensity and unpleasantness of effort going into the earning of income. The welfare of a nation, can, therefore, scarcely be inferred from a measurement of national income as defined above. 73: Cmraxnu} M Souiui NATIONAL INCOME, 1929-32 LETTER THE ACTING SECRETARY OF COMMERCE i IN RESPONSE TO SENATE RIBOLIJTION NO. 230 (‘HO xllfl. ) A IJIFORT ON NATIONAL meant, ion-:1 Jniuuv (, Iuu. —li-knod to the Cammitln on Phwiuao IXIGTID ITAIB IXIVIRNIAINI‘ PRINTING 01715 "mm! 2504
  23. 23. Richard Stone James Meade
  24. 24. The work that underpinned the creation of GDP was carried out in the |930s, by Simon Kuznets in the US and Colin Clark in the UK. The aim was to develop an aggregate measure of the economy, but Kuznets in particular argued for a measure of well-being rather than activity. For example, he would have excluded activities such as advertising, which he was clear benefited nobody. However, the necessities of the war led instead to the creation of a measure of activity, GNP (and later GDP), developed by JM Keynes and his colleagues at the Treasury, James Meade and Richard Stone. The need was to understand how much capacity the economy had and how big a sacrifice consumers would be asked to make for the war effort. http: //b| og. policy. manchester. ac. uklfeaturedI20 I 5/0 Iltime-to-ditch-gdp-as-a-measure-of- economic-well-being/
  25. 25. Being a monetary value measure, GDP does not cover goods and services that cannot or have not been put a value on by the statistical authorities - i. e. so—cal| ed non-market goods and services. In other words, it does not measure well-being that goes beyond GDP, including environmental and social aspects of economic activities. http: //ec. europa. eu/ environment/ beyond_gdp/ FAQ_en. htm| #faq2
  26. 26. Furthermore, GDP, as an overall measure of economic welfare, does not reveal inequality concerns - e. g. the consumption possibilities of the poor compared with those of the rich. http: //ec. europa. eu/ environment/ beyond_gdp/ FAQ_en. htm| #faq2
  27. 27. Employment and Social Developments in Europe 2013 The ‘Beyond GDP’ debate has drawn attention to ‘me need to complement GDP measures with indicators that encompass environmental and social aspects of pro- gress. Indeed, there is growing debate around the limitations of GDP as a mea- sure of key societal goals, and as a result altemative or additional measurement concepts are being tested and increasingly used for policy making at regional, national and intemational level. One key aspect is the need to complement GDP growth with measures which highlight the inclusive nature of that growth. This reflects the fact that maximising economic growth is not an end in itself, and that while growth is a key component of well-being via ensur- ing improvements in living standards, the benefits of that growth need to be widely and fairly distributed across society. p.377
  28. 28. cherished gardens ‘ sp arheading a nail revolution Saturday, May 31. 2014 ww irishexaminencom N9. 59.678 £2.20 fl Dru ut the sail we’rea par money to form part of GDP I Payments to prostitutes will also feature in CSO‘s official statistics by Vincent Ryn its: this zcuvxxy I5 nut Y-uicd. T If l1l1g‘I)l hclp push u the l'zyn-imu to pmsnnxics and GDP Figure. but 1! vi-i not thc rzimxy rvudic from drug mnn-xbutz anything to die dual: an to be included in cxcixcqucx. " he said. BIG READ rHi: "w LF OF WALL SREFI TIE Wot! of Wall Sueeil was in the ROS ml not everyone was ! l'{. YL/ £541 Pagan I3-I5 9,, “gm; ,m. ,,d M m‘ UK 55”, “ 3,, “ M Piyisntnidlndlcflopuiqdauwomunimbscdfifllliaiifitamflodgchiuimcufinrh Flxralhsnrry mzalxh i: nl. c<. l I: (I1: . -.. ... .., ;". '3., ... . ’ Tl-4: muvr. I'<illowx on {mm Britain and llaly M'. l:. lir| g 'iIlqyI acdv1t)' in their muurrul Eguxu {ct cconmnlc uuvuy. [Ix (Z50 confirmed rim ch: gm dulnciric pmam figm-cx u will rclczc at zhz and uflunz will be hxyia as 2 vuuli of Ihc indusmu of what the EL‘ di: u:nb<: AC "prodnmun fcx-lxddcn by law. cg pnmii-urzan and pro. ducuun oldnxp”. l'lx CS0 and it had been In ccrrxsuluiiou with An (End; to cszxmnc how lacs: to quantify th: kvcls : >f; c1:iv-my xxx Lhtsc arcas. I: u nrndrntood that wink uuxrum ck» us: on how drxg4I1.'al. 'rs. Lvruihcl kap- crx. pmsdxuux. and pan-npx an sci In w the €0uflh'‘A GDP Km . i;: s : /jt-‘. i6n (GI Z.3bn) boost. last wcck. Iulyk nzxnxiul «Bi. -i: md it would sun In mcludc. am: -n ~ odtcr xcdvx. ms. the Q1: u C(): )l. "l( and pm. -ximrixsn in : ix Fipxn-_s. Tlxc man. to ixxcludu illzgxl ma}: follow: ncw Eurunal guidnlxncx rm Iiuuntrtcx in includz xi] cconomxc m. nsm. xnm in the nziimcx. so that thou vmivi d'ifl': ri'rig lzgalannn around ifiugx and frpatlmuafl an cmnpan: zlicxr mui cup. nurnlc znmzy. Enrmsxnidtheukof unlcn good: and drug. hm not tlx thcft af money. an I: included "lllcinl cm. by Ali 0'l. n¢Q| Ii Envimnmm Minister Phil Hogan is suing ' be was dgfiuned . x.l. I:. -gully described by bruulrulex Vincent "bigoted is: -M". Tb: defarmdon action ix mu I‘ an be In. -ud until 1.. .. '11 ye . M; Hogan zlahns i. . was defined on lbmz/ M rub I/ m‘eni Emma on May 20, 2013. in an zxclunet clainun Browne Iuilable for his rule as min. inc: or a TD. He say: the nlkfiy delixxuzovy i-emu-lu 2 his n. -puuzian and caused him exuemc men. He is making and a commiun order. and an index dim. -I, in: TV} to xunme III: lxmadruz in questinu E-um its Webxie. TVS daxies the claim. on gmunds ‘-xlui-ling that M: Rim-rne'x slatancnu consisted of an av’-aim: Kxllhnny County Council avrnitc ‘ In . pte—I: riAl .9 licaliax Vestrldav Rona ’ an M: Hogan ‘ O65 OVEII leriinlu factu- nuaciu in his ofigi. ml man. of claim. i-i. had not properly explained Ilurc| Ir)I.1:! . mu-mel added. M: June. Paul Cillagan ruled an M: Hogan was . .xi. .ai' The (man bend dul st-visa] nuuen needed so be chrifisl. including iznannianx Imvreen but and Killmmy Council. The unenénexm did not nice: the central issue: at’ the claim. At New Furniture we believe life is an about give and fake! County Hogan sues TV3 over Browne ‘slur’ mmled ID amend his state. must of claim and in due man: can be cn-. in—¢xans— ‘med about any alleged ncmuuxainex. The cue will be lined for lueariag before I ‘ridge and jury at a foam dJau-. NEW FUIIIITITITIB
  29. 29. 2 Siwn I WW: 3 httpzllec. europa. euleurostatlhome Legal fl"t: Ci': ‘i R"S i Cook "5 | Lir 5 l Comte; gr V eurostat ° ‘ ’ “ ‘ ‘ Your key to European statistics 1"” '3 8 W" a European Commission . Euri: -stat 2 ‘—lz: r*r-2 News Data Publications About Eurostat Help LATEST NEWS RELEASES E‘ C -1 e‘ : r - ‘git EU28 current account surplus £1 5.8 bn The EU28 seasonally adjusted external current account T. . l_ nirzuiere -Jciidbasr Apps 8. Tools recorded a surplus of€i5.8 billion injaruary 20i5, compared with a surplus of€i3.i bn in December 201:1 and a surplus of€6.-'1 bn inianuary 2014, accordingto estimates from Eurostat, the statistical office of the Key figures “.3 E U . vi? 9 $ uropean men Employment me Greenhouse gas Early school leavers RED expenditure emissions See complete (/5: ofnews releases :3” EU ZN; Eb ml Ed we EU 0 0/ Release calendar 2011 Census 68-4?‘ 8214 1 1 3 / " 202 T” 85 LOOKING FOR INFORMATION on A SPECIFIC TOPIC 80 X General and e 'ona| Po ulafon and social _? _ 5 r g. Economy and finance P ' 75 statistics conditions 70 I FR 5 IEU V . . 65 W md“.5"y‘ trade and Agriculture and fisheries :3 international trade BE services 60 A V __ .3“ :5 3°} S-"*3 ~35 3" “ ; 3 J INI. £ Transport » Emmonmem and Science and technology "W37 Irate ‘H of population aged 20-54 STATISTICS EXPLAINED - ENCYCLOPEDIA or EU sTATis'ncs i'r: qmvuu. nmus Road safety statistics at regional level - Updated 20/03/2015 FOCUS on > Prices (HICP) 0 gr European Neighbourhood Policy - Eas: - agriculture statistics - Updated 20/03/2015 > Europe 2020 ‘ -, ~ __-K > Euro-indicators/ PEEIS ; . ‘ . ; ‘ 0 On . __ . ._a. -.a . .t. ,m, ... , V _- .
  30. 30. , _ , , _ , 1. . :4_-as -ea! -e= a~_-: —v»e~v'*»*> -‘
  31. 31. fF BALANC ~ ‘ HEET FINANCING
  32. 32. I lN-“ESIUPEDIA A form of financing in which large capital expenditures are kept off of a company's balance sheet through various classification methods. Companies will often use off- balance-sheet financing to keep their debt to equity (D/ E) and leverage ratios low, especially if the inclusion of cl large expenditure would break negative debt covenants. - FF BALANCE~. ,~_, _ HEET FINANCING

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