Wazua
»
Investor
»
Economy
»
Nigeria the largest economy? Really?
Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
|
Swenani wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa . @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! The GDP of Nigeria has just gone up more than 50%.Is the common nigerian better of or worse of than when their GDP was $262? All these rebasing and sizes of GDP is just a vanity. As the nigerian economy/GDP has been growing the Nigerian population living below the poverty line has been growing. On this case it ain't a matter of going up but giving it the correct value, get the point? ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
|
|
|
Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
|
InnovateGuy wrote:tycho wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! I say it would be worse off by more than 50%. Considering multiplier effects. Missing the point by a mile. I said GDP is unnecessary detail in terms of measuring human development. You are the one who brought up the issue of human development, we are trying to show you how they are related na bado umekuwa kichwa ngumu!!! ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
|
|
|
Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
|
McReggae wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa . @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! The GDP of Nigeria has just gone up more than 50%.Is the common nigerian better of or worse of than when their GDP was $262? All these rebasing and sizes of GDP is just a vanity. As the nigerian economy/GDP has been growing the Nigerian population living below the poverty line has been growing? On this case it ain't a matter of going up but giving it the correct value, get the point? Yes, I get the point.Can you also try to explain why the Nigerian population living below the poverty line has been increasing when the nigerian economy has been growing? If Obiero did it, Who Am I?
|
|
|
Rank: Elder Joined: 7/1/2011 Posts: 8,804 Location: Nairobi
|
InnovateGuy wrote:tycho wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! I say it would be worse off by more than 50%. Considering multiplier effects. Missing the point by a mile. I said GDP is unnecessary detail in terms of measuring human development. It's useful for the powerful. Why should the language of the weak be used?
|
|
|
Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
|
tycho wrote:InnovateGuy wrote:tycho wrote:McReggae wrote:InnovateGuy wrote:Swenani wrote:McReggae wrote:InnovateGuy wrote:Whoever started the GDP concept was bent on presenting macro figures which have little or no relation at all to other index factors that matter to human life.
What does GDP tell you about access to water, education and better health facilities?
Even economists agree that GDP is not an adequate measure of wealth. That's why they introduced GDP per capita.
***
Bottom line: those figures are useless without a social dimension. Really? The GDP represents the economic production and growth of a country and thus has a large impact on nearly everyone within that economy. When the economy is healthy, you will typically see low unemployment and wage increases as businesses demand labor to meet the growing economy! MMcreggae As I said before when the economy grows it mainly benefits the top percent,politicians and the corrupt.Otherwise GDP and GDP per capita are just unnecessary details Take the case of seychelles and Nigeria which have the highest GDP per capita and highest GDP in africa respectively and compare their GDP sizes,HDI and GDP per capita. Now, Do you know that Seychelles is among countries with the highest income inequality at 65% yet they have the highest GDP per capita? Nigeria's income inequality is at 49% while the people living below the poverty line in Nigeria is 70% while south africa the people living below poverty line is 32% and uganda is 25% So would you rather live in Seychelles which has the highest GDP per capita or Nigeria which has the highest GDP and your chances of living below poverty is 70% or live in south africa or uganda and the chances of you living above the poverty line is 68% and 75% respectively? For me am better of in uganda or south africa @ McReggae. Classical economic model? The expectation is that GDP trickles down to the common man. It doesn't work that way. GDP does not address equity. What you call 'healthy' GDP many benefit the top 10 % while life continues to be harsh for the 90 %. Swenani has provided the figures. Today if the GDP of Kenya went down by 50% would the life of the common mwananchi be better off or worse off!!!! I say it would be worse off by more than 50%. Considering multiplier effects. Missing the point by a mile. I said GDP is unnecessary detail in terms of measuring human development. It's useful for the powerful. Why should the language of the weak be used?  ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
|
|
|
Rank: Veteran Joined: 12/4/2009 Posts: 1,982 Location: matano manne
|
IMHO, GDP is still a powerful tool for giving a general idea of the size of a country's economy i.e level of production of goods and services in a country. Therefore, our Oga brodas have every reason to celebrate.
|
|
|
Rank: Member Joined: 1/27/2012 Posts: 851 Location: Nairobi
|
GDP is a measure of QUANTITY and not QUALITY.
Those who are bringing matters quality on this are just but chasing their tails.
Oga brothers have every reason to celebrate.
For the doubting Thomases, how does it feel when you read "East Africa's largest economy"?
Psychologically its rewarding.
When a country's GDP grows everybody benefits but NOT in equal measure. When it shrinks,everybody feels the heat, in REVERSE,with the ordinary citizenry taking the hardest punch.
I wonder those who are saying when an economy grows,only the elite benefit,whether they are serious about that line of argument.
Kukiwa kuzuri, hata omba omba upata mazuri yake.
|
|
|
Rank: Elder Joined: 6/17/2008 Posts: 23,365 Location: Nairobi
|
mkeiy wrote:GDP is a measure of QUANTITY and not QUALITY.
Those who are bringing matters quality on this are just but chasing their tails.
Oga brothers have every reason to celebrate.
For the doubting Thomases, how does it feel when you read "East Africa's largest economy"?
Psychologically its rewarding.
When a country's GDP grows everybody benefits but NOT in equal measure. When it shrinks,everybody feels the heat, in REVERSE,with the ordinary citizenry taking the hardest punch.
I wonder those who are saying when an economy grows,only the elite benefit,whether they are serious about that line of argument.
Kukiwa kuzuri, hata omba omba upata mazuri yake. Very well put! ..."Wewe ni mtu mdogo sana....na mwenye amekuandika pia ni mtu mdogo sana!".
|
|
|
Rank: Elder Joined: 12/27/2012 Posts: 2,256 Location: Bandalungwa
|
Let us just congratulate Naija. GDP and GDP growth matters a lot. It means more money in government coffers. It also means increased economic opportunities for certain segments of society.
|
|
|
Rank: Elder Joined: 2/26/2012 Posts: 15,980
|
GDP is the market value of all goods produced within a country in a given time GDP= (Investments or spending by firms, + New houses + Houses consumption + Govt spending on items manufactured in the country and local labor (+/-) Netexports/imports) Those who are bringing up issues of living standards are out of topic "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
|
|
|
Wazua
»
Investor
»
Economy
»
Nigeria the largest economy? Really?
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|