Authored by Gail Tverberg via Our Finite World blog,
World GDP in current US dollars is in some sense the simplest world GDP calculation that a person might make. It is calculated by taking the GDP for each year for each country in the local currency (for example, yen) and converting these GDP amounts to US dollars using the then-current relativity between the local currency and the US dollar.
Submitted by Gail Tverberg via Our Finite World blog,
Back in 1776, Adam Smith talked about the “invisible hand” of the economy. Investopedia explains how the invisible hand works as, “In a free market economy, self-interested individuals operate through a system of mutual interdependence to promote the general benefit of society at large.”
Submitted by Gail Tverberg via Our Finite World blog,
Submitted by Gail Tverberg via Our Finite World blog,
Economic growth never seems to be as high as those making forecasts would like it to be. This is a record of recent forecasts by the International Monetary Fund:
Figure 1. World GDP Forecasts by the International Monetary Fund.
Submitted by Gail Tverberg via OilPrice.com,
What is ahead for 2016? Most people don’t realize how tightly the following are linked:
1. Growth in debt2. Growth in the economy3. Growth in cheap-to-extract energy supplies4. Inflation in the cost of producing commodities5. Growth in asset prices, such as the price of shares of stock and of farmland6. Growth in wages of non-elite workers7. Population growth