Global Economic Growth Your Role In This Emerging Phenomenon
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Speaking to a crowd of more than 1,000 students and other members of the University of Texas at Austin community, Dean Tom Gilligan used colorful charts and detailed graphs to explore trends in prosperity and poverty around the world. He explained how gross domestic product (GDP) is used as a measurement tool, how “real GDP” and “GDP per capita” are calculated, and how these figures are used to compare economies across regions, across populations and across the world.
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Global Economic Growth Your Role In This Emerging Phenomenon
- 1. Global Economic Growth Your Role in This Emerging Phenomenon Dean Thomas W. Gilligan
- 5. Gross Domestic Product (GDP) Expenditure Approach to GDP Accounting: United States, 2008 Source: U.S. Bureau of Economic Analysis National Spending Identity: GDP = C + I + G + (EX – IM) Types of Expenditure Billions of Dollars % of GDP Personal Consumption C 10,057.9 70.51 Gross Private Investment I 1,993.5 13.98 Government Spending G 2,882.4 20.20 Exports EX 1,859.4 13.04 Imports IM 2,528.6 17.73 Gross Domestic Product GDP 14,264.6 100.00
- 7. U.S. Economy Over Time Source: Economic Report of the President The CAGR of Real GDP Per Capita over the 1967-2007 period was 2%
- 9. GDP Per Capita in Developed World Source: U.S. Department of Labor, Bureau of Labor Statistics
- 10. GDP Per Capita in BRIC Countries Source: Organization for Economic Cooperation and Development
- 12. Per Capita GDP and Life Expectancy Source: Maddison, 2007
- 13. GDP Per Capita and Childhood Health
- 14. GDP Per Capita and Satisfaction
- 16. Prosperity Varies Across Nations
- 18. High GDP Per Capita is a Modern Event
- 19. GDP Per Capita Growth Various Greatly
- 20. What Causes GDP Per Capita Growth? Source: Cowen & Tabarrok
- 23. Human Capital and GDP Per Capita
- 24. Physical Capital and GDP Per Capita
- 25. History and GDP Per Capita Great News! Catch-Up Growth Germany and Japan after WWII China and India today
- 26. GDP Per Capita and Corruption Great News! It’s Hard, But We Know How to Fix Corruption
- 28. A Measure of Income Inequality A
- 29. Income Inequality Across Nations Developed Economies Emerging Economies Source: Central Intelligence Agency, 2006
- 33. University Lecture Series The University Lecture Series
Editor's Notes
- Instructor Note: The size of the circle indicates relative population. Italy has a higher survival rate than the U.S. even though per capita income is larger.
- GDP per capita today varies enormously among nations
- Instructor Notes: Important Points: GDP per capita In 1 – 1500 AD—Was about $400–$600 Today, richest countries are over 50 times as wealthy as the poorest countries.
- Instructor Note: Important Points: In 1950 South Korea and Nigeria had the same per capita real GDP In 1950 Argentina was considerably richer than both Japan and South Korea.
- Instructor Note: While the diagram clearly indicates that higher investment rates are correlated with higher per capital income, an interesting question is also suggested: The United States and Brazil have similar investment rates, but the U.S. has a much higher per capita income. Two ideas come to mind: (a) The U.S. has been growing rapidly for a longer period of time so Brazil is catching up, and (b) capital may be more productive in the U.S. because of better technology.
- Instructor Note: