“Apart from their work and production, households perform other important economic functions. Most CONSUMPTION occurs within the household. ... In developed capitalist economies, private consumption spending accounts for half or more of GDP.” ImportantHalfEconomyEconomicAccountsFunctionProductionsSpendingCapitalistHouseholdConsumptionGdpCapitalist Economy Book:Economics for everyone: a short guide to the economics of capitalism Source: Economics for everyone: a short guide to the economics of capitalism
“While we have put an utmost emphasis on Gross Domestic Products (GDP) as a barometer for the overall economy until now, we have not paid much attention in detecting a level of social welfare. We, as a member of the society, must now take steps to create an index to indicate other critical elements to be focused on in order to restore reliability of world statistics.” WorldOrderSocialLevelsAttentionStepsEconomyProductsMembersElementsPaidCriticalFocusedWelfareStatisticsEmphasisGrossGdpReliabilityBarometerSocial WelfareGross Domestic Product Author:Jose Angel Gurria