![]() But how could the economies, for example, of Singapore or Luxembourg ever match that of such powerhouses when they are no more than small dots on the world map?Īnother problem with GDP is that it does not measure income inequality, that is, how a country's riches are distributed among the population. If we simply consider a nation's gross domestic product-the sum of all goods and services produced by a country during one year-then we would have to conclude that the richest nations are exactly the ones with the largest GDP: United States, China, Japan, Germany. Measuring how rich you are depends to a large degree on how rich and poor countries are defined. Would you rather be rich in a poor country or poor in a rich one? Measuring how rich a country is not that easy (spoiler: it is not just about gross domestic product, or GDP). Luca Ventura Ireland is one of the world's largest corporate tax havens, which benefits multinationals far more than it benefits the average Irish person.
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