{"id":37638,"date":"2017-03-20T02:00:29","date_gmt":"2017-03-20T06:00:29","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=37638"},"modified":"2017-07-14T10:06:43","modified_gmt":"2017-07-14T14:06:43","slug":"basic-facts-of-wealth","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2017\/03\/20\/basic-facts-of-wealth\/","title":{"rendered":"Basic Facts of Wealth"},"content":{"rendered":"<p align=\"center\"><iframe loading=\"lazy\" width=\"853\" height=\"480\" src=\"https:\/\/www.youtube.com\/embed\/PzAr_mL0Qd8?list=PL-uRhZ_p-BM52EbMG1NR1ZfG9tEvcxE4u\" frameborder=\"0\" allowfullscreen><\/iframe><\/p>\n<blockquote><p><strong>Published on 5 Jan 2016<\/strong><\/p>\n<p>We know that there are rich countries, poor countries, and countries somewhere in between. Economically speaking, Japan isn\u2019t Denmark. Denmark isn\u2019t Madagascar, and Madagascar isn\u2019t Argentina. These countries are all different.<\/p>\n<p>But how different are they?<\/p>\n<p>That question is answered through real GDP per capita\u2014a country\u2019s gross domestic product, divided by its population.<\/p>\n<p>In previous videos, we used real GDP per capita as a quick measure for a country\u2019s standard of living. But real GDP per capita also measures an average citizen\u2019s command over goods and services. It can be a handy benchmark for how much an average person can buy in a year &mdash; that is, his or her purchasing power. And across different countries, purchasing power isn\u2019t the same.<\/p>\n<p>Here comes that word again: it\u2019s different.<\/p>\n<p>How different? That\u2019s another question this video will answer.<\/p>\n<p>In this section of Marginal Revolution University\u2019s course on Principles of Macroeconomics, you\u2019ll find out just how staggering the economic differences are for three countries \u2014 the Central African Republic, Mexico, and the United States.<\/p>\n<p>You\u2019ll 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\u2019ll also learn why the countries we traditionally lump together as rich, or poor, might sometimes be in leagues all their own.<\/p>\n<p>The whole point of this? We can learn a lot about a country\u2019s wealth and standard of living by looking at real GDP per capita.<\/p>\n<p>But before we give too much away, check out this video &mdash; the first in our section on The Wealth of Nations and Economic Growth. <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Published on 5 Jan 2016 We know that there are rich countries, poor countries, and countries somewhere in between. Economically speaking, Japan isn\u2019t Denmark. Denmark isn\u2019t Madagascar, and Madagascar isn\u2019t Argentina. These countries are all different. But how different are they? That question is answered through real GDP per capita\u2014a country\u2019s gross domestic product, divided [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[1094,1093,1143,290,315],"class_list":["post-37638","post","type-post","status-publish","format-standard","hentry","category-economics","tag-gdp","tag-macroeconomics","tag-principlesofeconomics","tag-statistics","tag-wealth"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-9N4","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=37638"}],"version-history":[{"count":1,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37638\/revisions"}],"predecessor-version":[{"id":37639,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/37638\/revisions\/37639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=37638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=37638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=37638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}