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Prioritizing Economic Indicators
A government in a developing nation with a large, unrecorded informal sector wants to track its economic health but has a very limited budget for data collection. It can choose to focus its resources on accurately measuring either the total number of employed people or the total value of all goods and services produced. Which of these two aggregate measures would you recommend they prioritize, and why? Justify your recommendation by evaluating the practical challenges of calculating each measure in this specific economic context.
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Economics
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Introduction to Macroeconomics Course
Ch.1 The supply side of the macroeconomy: Unemployment and real wages - The Economy 2.0 Macroeconomics @ CORE Econ
The Economy 2.0 Macroeconomics @ CORE Econ
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Ch.3 Aggregate demand and the multiplier model - The Economy 2.0 Macroeconomics @ CORE Econ
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Labour Market Statistics as a Macroeconomic Performance Indicator
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Prioritizing Economic Indicators
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Measuring Output in a Non-Monetary Economy
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