Word: gdp
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...seem. Hosting the Olympics can boost the profits of host-city construction companies and tourism-related companies such as hoteliers. But is there a correlation between overall stock-market and economic performance and the Olympics? We decided to do a little historical research by examining stock-market indexes and GDP growth for the host nations for the past eight summer Olympics, excluding the stock market-less U.S.S.R. in 1980. What we discovered was interesting but inconclusive. On average, markets in host countries showed a 16.3% gain in their Olympics year. Out of the eight events surveyed, stocks rose...
Over the years, GNP and GDP have proved spectacularly useful in tracking economic change--both short-term fluctuations and long-run growth. Which isn't to say GDP doesn't miss some things...
...start with the pet concerns of Sarkozy's star advisers. Sen, a development economist at Harvard, has long argued that health is a big part of living standards--and in 1990 he helped create the United Nations' Human Development Index, which combines health and education data with per capita GDP to give a more complete view of the wealth of nations (the U.S. currently comes in 12th, while on per capita GDP alone, it ranks second). Stiglitz, a Columbia professor and former World Bank chief economist, advocates a "green net national product" that takes into account the depletion of natural...
...issue with these alternative benchmarks is not whether they have merit (most do) but whether they can be measured with anything like the frequency, reliability and impartiality of GDP. A National Academy of Sciences panel recommended in 2005 that the U.S. look into measuring household work, investments in education and health care and environmental assets--but as satellite accounts, not part of GDP. Says Katharine Abraham, a University of Maryland professor and former Bureau of Labor Statistics chief, who headed up that effort: "One problem with these expanded measures--why I wouldn't want to see them replace GDP...
...happiness, much of the interest in it stems from the 1974 discovery by University of Southern California economist Richard Easterlin that the happiness of a nation's inhabitants didn't necessarily rise with its GDP. But the recent explosion in happiness surveys has enabled a soon-to-be-published reappraisal by the University of Pennsylvania's Betsey Stevenson and Justin Wolfers, who find that happiness tracks per capita GDP pretty closely. Money really does matter. GDP does...