Difference between revisions of "GDP per capita"
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Different countries have different GDP per capita [https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita]. | Different countries have different GDP per capita [https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita]. | ||
| − | The UK's currently stands at about $44,000 per person per year. This is the average for everybody, from the minute they're born to moment they die, so a family of 4 '''on average''' has an income equivalent to $ | + | The UK's currently stands at about $44,000 per person per year. This is the average for everybody, from the minute they're born to the moment they die, so a family of 4 '''on average''' has an income equivalent to $176,000 a year at current prices. |
| − | Of course in reality, very, very few get anywhere near this | + | This suggests there is no shortage of money in the developed world. |
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| + | Of course in reality, very, very few get anywhere near this, largely because incomes are not distributed evenly; a few get much, much more than most. The [https://en.wikipedia.org/wiki/List_of_countries_by_income_equality GINI coefficient] measures how unequal incomes are, with the US and the UK coming out at the top for "modernised" countries. | ||
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| + | [[Category:Experiments]][[Category:Science]][[Category:Humanities]] | ||
Latest revision as of 12:42, 22 November 2018
GDP = Gross Domestic Product = the sum of all the output of a country's economy.
per capita = per "head" or per person in that country - see Simple population model.
Different countries have different GDP per capita [1].
The UK's currently stands at about $44,000 per person per year. This is the average for everybody, from the minute they're born to the moment they die, so a family of 4 on average has an income equivalent to $176,000 a year at current prices.
This suggests there is no shortage of money in the developed world.
Of course in reality, very, very few get anywhere near this, largely because incomes are not distributed evenly; a few get much, much more than most. The GINI coefficient measures how unequal incomes are, with the US and the UK coming out at the top for "modernised" countries.
