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This can lead to misleading characterizations of economic well-being if the income distribution is heavily skewed toward the high end, as the poorer residents will not directly benefit from the overall level of wealth and income generated in their country (their purchasing power can decline, even as the mean GDP per capita rises). GDP per ...
Most investors heaved a sigh of relief when the nation's gross domestic product, a broad measure of economic activity, rose 3.5% in the third quarter, signaling that the recession had ended. But ...
Genuine progress indicator (GPI) is a metric that has been suggested to replace, or supplement, gross domestic product (GDP). [1] The GPI is designed to take fuller account of the well-being of a nation, only a part of which pertains to the size of the nation's economy, by incorporating environmental and social factors which are not measured by GDP.
Straightforward data on earnings clearly shows a huge rise in inequality of pay in the US economy, write Elise Gould and Josh Bivens. Opinion: Why a new study gives a misleading view of inequality ...
Decisions based on economic theories that are not scientifically possible to test can give people a false sense of precision, and that could be misleading, leading to build up logical errors. Natural economics: Economics is concerned with both 'normal' and 'abnormal' economic conditions. In an objective scientific study one is not restricted by ...
Statistics, when used in a misleading fashion, can trick the casual observer into believing something other than what the data shows. That is, a misuse of statistics occurs when a statistical argument asserts a falsehood.
As of 2023, according to estimates by the nonpartisan Economic Policy Institute (EPI), foreign-born labor accounted for record-high 18.6% of the US workforce. That same year, according to EPI, the ...
Sorman provides an overview of economics as a social science based on empirical hypothesis-testing and factual observations. He details research such as work by Edward Prescott of taxation on economic growth, by Jagdish Bhagwati on the benefits of international trade, by Milton Friedman and Robert Lucas on the effects of inflation, and by Avner Greif on the value of strong social institutions.