Canada has an abundance of natural resources. Why Canada’s Economy is Doing Worse than You RealiseWatch this video on YouTube It has the third largest known supplies of oil in the world, helping to make it the 10th largest economy in the world and top 20 GDP per capita. It benefits from close economic ties …
Countries with the highest government spending as a share of GDP. The countries with the highest levels of government spending as % of GDP are predominantly Western Europe and Scandinavia in particular. The countries with the lowest government spending as a % of GDP tend to be poor developing economies. The one notable exception is …
A capitalist economic system is one characterised by free markets and the absence of government intervention in the economy. In practice a capitalist economy will need some government intervention, primarily to protect private property. (This is important to distinguish capitalism from anarchism, where there is absolutely no government present) Features of a capitalist economic system …
When measuring the largest / best economies, there are different ways of ranking countries. Nominal GDP in $US. This is the simplest measure and shows the actual final market value of GDP produced in the economy. It is useful for comparing levels of international trade. It uses the official exchange rate. GDP in Purchasing Power …
A look at how GDP per capita in $US gives different values when measured at purchasing power parity. GDP at Purchasing Power parity (PPP) takes into account variations in living costs. PPP is an attempt to work out how much currency will be needed to buy the same quantity of goods and services in different …
Readers Question: Is Real GDP per head a better indicator of living standards compared to growth of Real GDP? Why? Real GDP per capita shows the average income of a country. If Liechtenstein has 0% growth of Real GDP in 2008, average incomes will reamin $118,000. A country like India may have GDP per head …
Can European Economy Catch up and Overtake US Economy?Watch this video on YouTube It’s been a bad few years for the European economy – inflation, energy crisis, falling real wages and a stagnant economy – losing ground to China in the east and the US in the west. Whilst US GDP booms, Western Europe seems …
Latest figures on UK National Debt. What National Debt is. Why National Debt is increasing?