Gross Domestic Products (GDP) is not a Proper Indicator of Measurement and Economic Power Comparison for Emerging Economies: A Judgement from International Distributions of Net Factor Income from Abroad
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引用次数: 0
Abstract
Global distributions of net factor income from abroad (NFI) during 1990-2019 have witnessed that (1) the United States is the top one country accounting for 40% of surpluses of the global total, while a surge in China’s deficit with its GDP increase; (2) GDP growth in emerging economies has a price scissors with NFI deficits; (3) asymmetric NFI has covered up the severity of rich countries’ global arbitrages especially from emerging economies; (4) China’s economic power is exaggerated by the PPP-based GDP implemented by the World Bank. It concludes that (1) developing countries have paid for huge hidden cost for their emergence; (2) the statement of the United States suffering losses absolutely does not hold; (3) GDP is not a universal tool for measuring what matters. It suggests that (1) emerging economies countries should beware of the potential misleading of GDP on economic measurement and economic power comparison ; (2) GDP should be critiqued from the applicability perspective of economies’ types; (3) it is urgent to clarify some misjudgment and misleading concepts in the economic affairs surrounding the global value chain patterns; (4) the construction of national governance capacity in emerging economies should focus on “social infrastructure”, of which one of the important parts is an effective economic statistics system; (5) emerging economies should carry out the strategic layout of international economic statistics talents to enhance their soft powers.
期刊介绍:
The Journal of Business and Economic Statistics (JBES) publishes a range of articles, primarily applied statistical analyses of microeconomic, macroeconomic, forecasting, business, and finance related topics. More general papers in statistics, econometrics, computation, simulation, or graphics are also appropriate if they are immediately applicable to the journal''s general topics of interest. Articles published in JBES contain significant results, high-quality methodological content, excellent exposition, and usually include a substantive empirical application.