Basic Facts of Wealth
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We know that there are rich countries, poor countries, and countries somewhere in between. Economically speaking, Japan isn’t Denmark. Denmark isn’t Madagascar, and Madagascar isn’t Argentina. These countries are all different. But how different are they? That question is answered through real GDP per capita—a country’s gross domestic product, divided by its population. In previous videos, we used real GDP per capita as a quick measure for a country’s standard of living. But real GDP per capita also measures an average citizen’s command over goods and services. It can be a handy benchmark for how much an average person can buy in a year -- that is, his or her purchasing power. And across different countries, purchasing power isn’t the same. Here comes that word again: it’s different. How different? That’s another question this video will answer. In this section of Marginal Revolution University’s course on Principles of Macroeconomics, you’ll find out just how staggering the economic differences are for three countries—the Central African Republic, Mexico, and the United States. You’ll see why variations in real GDP per capita can be 10 times, 50 times, or sometimes a hundred times as different between one country and another. You’ll also learn why the countries we traditionally lump together as rich, or poor, might sometimes be in leagues all their own. The whole point of this? We can learn a lot about a country’s wealth and standard of living by looking at real GDP per capita. But before we give too much away, check out this video -- the first in our section on The Wealth of Nations and Economic Growth. Macroeconomics Course: http://bit.ly/1R1PL5x Ask a question about the video: http://bit.ly/1RnQCQL Next video: http://bit.ly/1R1RjN8 Help us caption & translate this video! http://amara.org/v/HdZ5/
Comments
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in the practic mexico latin america (excepion, venezuela ) and china should be considered developed countries, in fact, spain, greece and Portugal (considered rich nations ) are between 1,2 &1,8 times those countries
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Why is America
great? Why do people risk death to come to this country? Why not work hard in Honduras,
etc? The main reason is an unequal distribution, not of money, but of
capitalism. Honduras
is a beautiful country with great people and great resources. But, it is a bit
of dangerous manure pit among nations. Why? Four things are needed for a place to
be a good place to live.
1. Rule of Law No place is perfect
but thank God for America's
heartland.
2. Private property. If it's all
village land any improvement you make can be taken away. If it's yours you can
pass it to the next generation.
3. The chance to reap what you
sow. That is capitalism. No one takes what is yours through excess taxes or
criminal activity.
4. Marriage: God’s plan of a
mother and father raising children is the best for women and for
society. The Most important factor in predicting if a person will go to prison
is not income, intelligence, or race. It is - was the person raised by both
parents? Widows, remember God says he is the father to the fatherless.
Yet few "programs" try to help any of these
three things. We pass out food that puts many farmers out of business. Women
live on handouts so they don’t need a husband. We don't encourage private
business. We - except for missionaries - don't encourage faith, marriage, and
morality. John Stephens Columbus, GA
Seems like obama disagrees with all of these. -
Very well done video. Thanks!
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Mexico in not in the middle Mexico is 11th bigest economy in the world its not rich like the US but its not in the middle between the US and Central African Republic
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This is actually sad because congo has the most mineral wealth of any country.
Yet that wealth never reaches the people who live there. -
Mind blow
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MERICA FUCK YEAH
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YO no sé qué problemas tenga africa central pero creo que no debiste poner a un pais con problemas de guerra civil debiste poner un pais pobre "normal" sin ningún tipo de problema bélico
MÉXICO=medio jodido (pobre)
ESTADOS UNIDOS=chingon (rico)
africa central=jodida (pobre)
SOY MEXICANO Y NO NOS MORIMOS DE HAMBRE PERO SABEMOS QUE SOMOS UN PAIS POBRE, EN ESTE MUNDO NO HAY UN NIVEL INTERMEDIO ENTRE RIQUEZA O POBREZA O ERES RICO O ERES POBRE Y MÉXICO es pobre -
Great usage of the internet. Thank you.
With the cost of education skyrocketing, it is noce that some of the education can be accessed on-line. -
but you just took GDp and divided it by the population, when most of it may not actually get to most of the population
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wow. my guess for Mexico was 200 and my guess for US was 600! Yay me
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How much of the USA wealth is due to the super rich such as the Walton family or would they be considered outliers and not factored in?
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When will you guys make a video on Income Inequality? Specifically in america as we are the worlds richest country but .01% has as much wealth as the bottom 50% and 1% as much as 99%. Also what would happen to the economy if the distribution of wealth started to shift more equally, of course I'm not saying 50% 50% but 1% to the 99% is disgusting.
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The question should be what kind of economics could sustain a some die, some eat caviar world? Certainly a completely unprincipled economics
No way to really understand such a system, but just fight for democracy for all, rational energy policy, and much more environmentally sensitive "economics".. -
fact... Average annual salary in Mexico as of 2015 = 600 US dollars monthly
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How many of those "baskets" are necessary to make me look like a "normal" member of a given society?
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its average not median.
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Interesting, nice video!
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How do the numbers change if you add production and consumption within the family to the figures?
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AGARIO
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