Latin American Growth

China's Economic Decline

India's Progress in Living Standards and Persistent Poverty (14th Century to Present)

Living Standards Visualization: Pre-1800 Limitations

Figure 1.1: The History's Hockey Stick Graph of GDP Per Capita

Living Standards Improvements Post-Colonial Independence

Examples Using GDP in the 20th C

Comparing GDP Per Capita Levels and Growth Rates Across Nations

Intra-Country vs. Inter-Country Inequality in the 14th-17th Centuries

Examples Using GDP to Calculate National Economic Growth 1000-2000CE

Britain's Early and Gradual 'Hockey Stick' Kink

Japan's Sharp 'Hockey Stick' Kink around 1870

History's Hockey Stick: A Metaphor for Growth

Impact of Income Inequality on Wellbeing with Constant Average Income

Correlation between GDP Per Capita and Other Wellbeing Measures

Correlation

GDP Per Capita Data from Our World in Data

Assessing Statements about GDP Per Capita

Accelerated Post-1975 Economic Growth in India and China

Correlation Between GDP Per Capita and CO2 Emissions Per Capita

Annual Hours of Free Time and Income per Worker (2020) [Figure 3.2]

Work Hours vs. GDP in the US, France, and Netherlands (1870-2018) [Figure 3.1]

Limitations of GDP Per Capita as a Measure of Living Standards

Challenge of Comparing Economic Output: Separating Quantity from Price Effects

Evaluating Living Standards with GDP Per Capita

Two countries, Country X and Country Y, are reported to have the exact same GDP per capita. Based only on this single piece of information, which of the following conclusions is the most logically sound?

An economist is comparing two countries, Country Alpha and Country Beta, which have the same population size. Country Beta has a 20% higher total economic output than Country Alpha. However, further research shows that Country Alpha has a significantly higher average life expectancy and its citizens report higher levels of life satisfaction. What does this scenario most clearly illustrate about using the average income per person as a measure of living standards?

Imagine a country where, over the course of one year, the total market value of all final goods and services produced increases by 5%. During that same year, the country's total population also increases by 5%. Based on this information alone, what is the most likely impact on the average income per person?

Interpreting Average Income Data

If a country's total economic output per person increases by 10% in a year, it can be concluded that the average take-home pay for an employed person in that country has also increased by approximately 10%.

Analyzing Economic Growth and Citizen Welfare

A country's government implements a policy that causes many highly profitable, foreign-owned corporations to officially register their business there. This action significantly boosts the country's total recorded economic output. However, these corporations employ very few local citizens, and the vast majority of the profits are distributed to shareholders living in other countries. The nation's population size does not change. What is the most likely immediate effect on this country's primary measure of average income per person?

Evaluating Economic Policy Goals

Country Lumina has a total annual economic output valued at $20 trillion and a population of 1 billion people. Country Solara has a total annual economic output valued at$2 trillion and a population of 20 million people. Based solely on this information, which statement most accurately compares the probable average living standards in these two nations?