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Real GDP Per Capita and the Standard of Living 

Marginal Revolution University
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They say what matters most in life are the things money can’t buy.
So far, we’ve been paying attention to a figure that’s intimately linked to the things money can buy. That figure is GDP, both nominal, and real. But before you write off GDP as strictly a measure of wealth, here’s something to think about.
Increases in real GDP per capita also correlate to improvements in those things money can’t buy.
Health. Happiness. Education.
What this means is, as real GDP per capita rises, a country also tends to get related benefits.
As the figure increases, people’s longevity tends to march upward along with it. Citizens tend to be better educated. Over time, growth in real GDP per capita also correlates to an increase in income for the country’s poorest citizens.
But before you think of GDP per capita as a panacea for measuring human progress, here’s a caveat.
GDP per capita, while useful, is not a perfect measure.
For example: GDP per capita is roughly the same in Nigeria, Pakistan, and Honduras. As such, you might think the three countries have about the same standard of living.
But, a much larger portion of Nigeria's population lives on less than $2/day than the other two countries.
This isn’t a question of income, but of income distribution-a matter GDP per capita can’t fully address.
In a way, real GDP per capita is like a thermometer reading-it gives a quick look at temperature, but it doesn’t tell us everything.
It’s far from the end-all, be-all of measuring our state of well-being. Still, it’s worth understanding how GDP per capita correlates to many of the other things we care about: our health, our happiness, and our education.
So join us in this video, as we work to understand how GDP per capita helps us measure a country’s standard of living. As we said: it's not a perfect measure, but it is a useful one.
Macroeconomics Course: bit.ly/1R1PL5x
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19 ноя 2015

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Комментарии : 498   
@derekofbaltimore
@derekofbaltimore 8 лет назад
thumbs up because he took the time to point out the negatives
@sirturnables
@sirturnables 5 лет назад
Just one negative though
@JCloyd-ys1fm
@JCloyd-ys1fm 5 лет назад
Derek McGowan Another shortcoming of GDP is that it doesn’t recognize the value of caregiving. If someone is taking care of a child, that isn’t considered valuable and isn’t measured by GDP. That’s problematic.
@IMdAbdulquadirKhan
@IMdAbdulquadirKhan 3 года назад
It's his job !!! ,
@theamazingautist2363
@theamazingautist2363 3 года назад
J. Cloyd Isn’t it inevitably accounted for if we assume that the behaviour of care-givers affects the behaviour of other people? Other people (e.g. the breadwinner of a family) are only choosing to behave as they do economically because somebody else is acting as care-giver. If someone else was not acting as care-giver, they would have to dedicate less time to activities that are measured by GDP so as to take on care-giving duties themselves. The difference between the GDP contributed by a person who is working full time and the GDP contributed by that same person if they took on care-taking duties IS the effect of a care-giver’s work on GDP, no?
@leftinthevoidpodcast8566
@leftinthevoidpodcast8566 3 года назад
Poorly.
@blanka7647
@blanka7647 3 года назад
it's so refreshing how slowly he speaks compared to most people doig econ videos. it's almost like he doesn't make me want to jump out a window.
@nik4546
@nik4546 3 года назад
In this video - which was made in 2015 - you stated that Nigeria had 80% of its population living on less than 2 dollars a day, which was unforunately correct. Today, only 5 years later, that number is around 43%, which means that it's down almost 50% of what it was! In just 5 years, that's an incredible progress! Thansk for the video, awesome!
@notanoob3920
@notanoob3920 Год назад
yes We can see Progress There Clearly but It is because of Inflation Also Cause we are Talking About 2$/day So we measure Conditions in all perspectives also
@mirzaahmed6589
@mirzaahmed6589 Год назад
Where are you getting that data? If it is from the Nigerian government, it is obviously biased.
@jaybee4577
@jaybee4577 Год назад
@@mirzaahmed6589 the Nigerian government doesn’t produce data but NBC does. It a non government organization. Nigeria poverty have decreased but the population have also grown a lot.
@kevina.2269
@kevina.2269 Год назад
@@notanoob3920 REAL gdp would take inflation into account
@mushahid999
@mushahid999 7 лет назад
one cannot explain the concept better than this. You guys are doing a great great job !
@dangiscongrataway2365
@dangiscongrataway2365 5 лет назад
Thank you, my macro economics course starts soon and I understand the concepts well thanks to these videos.
@sufyansuleiman6401
@sufyansuleiman6401 4 года назад
This is the best explanation one can ask for , very educative ,basic , without complications and on point . Thank you
@sanjuanagranado2348
@sanjuanagranado2348 Год назад
y'all are awesome! I use your videos EVERYDAY in my classes.
@rajcherian578
@rajcherian578 4 года назад
loved the simplicity of your presentation. An average person can understand it. I am a CFP and I had difficulty in explaining as simple as this to my clients, as simple as what you just did , thanks
@peaceseeker1016
@peaceseeker1016 5 лет назад
Thank you Mr. Alex for this enlightening video. Thank you very very very and very much!!
@krishnachaitanya7435
@krishnachaitanya7435 5 лет назад
There ain't any channel in the youtube that can explain the economics as interesting as you do.Thanks for all your quality videos.👍
@theanimalix5877
@theanimalix5877 8 лет назад
Great video (series), easy to understand and enjoyable to watch. Keep up the good work.
@mehrnazbarangbou7341
@mehrnazbarangbou7341 4 года назад
thank you so much for you awesome videos, i'm a student of international law and i'm studying international economics this semester, your channel and your videos really helped me! thank you so much again
@fredericostuckenbruck2458
@fredericostuckenbruck2458 Год назад
Excelent video extremely clarifying tumbs up👍
@alokebachhar7419
@alokebachhar7419 6 лет назад
Thank you ,sir.I love all your videos.please carry on for us.Your university has taken a giant step to spread free education among all the people and you are doing a great job.So thank you once again.
@ankitkumar-xl4xq
@ankitkumar-xl4xq 6 лет назад
today i watched your videos and now, I think I have no need to take classes in school. Thanks for making such videos.
@dailtonluizmagnagojunior1321
@dailtonluizmagnagojunior1321 2 года назад
The speed of the explanation is perfect, the images and graphs used are really helpful, and the words used are simple and clear, which helps a lot for non-native English speakers.
@moelwin6715
@moelwin6715 5 лет назад
The way you explained is much better than my professor. Now I have a better understanding of GDP. Thanks a million!!
@marvellabowen4229
@marvellabowen4229 2 года назад
Thank you for this video. I needed a good and straightforward explanation of GDP, and your video did a great job explaining it.
@SistaLee1978
@SistaLee1978 8 месяцев назад
Thanks for sharing❣️
@TobiasPelton
@TobiasPelton 7 лет назад
Super helpful. Keep up the good work!
@nafijulislamsaral8797
@nafijulislamsaral8797 4 года назад
I can't describe in words that how much these contents helped me, thanks a lot!
@amilaperera1
@amilaperera1 4 месяца назад
Very good presentation. Really a good one.
@gandharvgedam9702
@gandharvgedam9702 2 года назад
Everything's going alright with your videos.👍👍
@nandanassudheer1517
@nandanassudheer1517 Год назад
Thank you so much for your lucid explanation.
@FrauEhegal
@FrauEhegal 8 лет назад
Thank you very much for these videos! So far they are the best I have found. The explanations are easy to understand and the way the are presented is very good! My level of attention is much higher in these videos. 1000 thumbs up!
@joshuakatumba3819
@joshuakatumba3819 7 лет назад
Awesome stuff thanks for putting in the time and effort. Improvements well so far i have to say none are required.
@mroudemus410
@mroudemus410 Год назад
Amazing instructors. Really enjoy the videos.
@GlendaPeru
@GlendaPeru 2 года назад
well there is one more thing: as you said GDP can reflect how happy we are, if we compare how much more can we afford, and this will show, how much better the economy is. And sure, consumerism is what thrives the economy. But we are in a different status quo now... the more we spend, the more we produce, the more market competition... deteriorates our planet more and more. This is an "older" video... I am looking forward to see more videos and if the environment issue can fit (could be added) into an equation. Thank you, awesome videos, well explained! I am working on my thesis for my master studies and GDP is a big part of it...
@surajmax9396
@surajmax9396 4 года назад
thank you very much for giving the opportunity
@penderchovwe351
@penderchovwe351 4 года назад
U are the best. Am very much grateful.The concepts here are very much simplified
@ShizzleMyChizzle
@ShizzleMyChizzle 5 лет назад
Great video, you explain the concepts so well it's incredibly easy to grasp.
@rebwaromer9323
@rebwaromer9323 4 года назад
Awesome videos and explanations.
@andrecoln1729
@andrecoln1729 3 года назад
I didn't understand GDP until I watched the last three videos. Thank you a lot!
@vlad013
@vlad013 4 года назад
I think your videos so far what i have seen are way better than others! So kudos to you! Keep up the good work!
@OpenMinded30
@OpenMinded30 5 лет назад
The vids are very rich and nicely put. Plain simple and crystal clear. Many thx...
@Cleon7177
@Cleon7177 2 года назад
A very good explanation of the topic!!
@akhilkhare9125
@akhilkhare9125 7 лет назад
I really enjoyed this video, since I understood complicated terms in a short span of time!
@affanahmad4552
@affanahmad4552 6 лет назад
Excellent Videos Sir
@wrjazziel
@wrjazziel 3 года назад
I love these videos! very informative and well-produced!
@DailyInspiration300
@DailyInspiration300 5 лет назад
Thank you very much for the video, you're doing great. Its very informative and made it so easy to understand the economy.
@jaipalkolvi2439
@jaipalkolvi2439 2 года назад
Very good explanation. Thanks a ton.
@jayaseto
@jayaseto 7 лет назад
Very informative and well explained....Subscribed
@shanelynch2695
@shanelynch2695 5 лет назад
Your videos are very concise for those not really familiar with the economic system, well done.
@longboarderanonymous5718
@longboarderanonymous5718 2 месяца назад
This is really interesting! Thanks 🙏
@raymondharuna2583
@raymondharuna2583 Год назад
You are a good teacher, and you gave relevant examples that aided my understanding. Thank you.
@sallycong
@sallycong 8 лет назад
One video leads to another. You guys just kept watching your videos. Very thankful for your work! I've learned a lot! :)
@MarginalRevolutionUniversity
@MarginalRevolutionUniversity 8 лет назад
Great to hear! Thank you. -Roman
@memo6032
@memo6032 2 года назад
I'm so happy these videos exist. My textbook is amazing and designed for self-studying but it really skimmed that part about how GDA = higher standards of living. It stated it but didn't attempt any convincing of it. Maybe more convincing would be available in later lessons, Idk. What I know for sure, however, is that now I can finally pass the lesson I got stuck in with a light and a satisfied heart.
@ehsan83
@ehsan83 3 года назад
excellent quality education. thank you for sharing
@er.vaibhavagarwal9516
@er.vaibhavagarwal9516 6 лет назад
Absolutely fantastic, great effort, I learnt everything in a better way with a unique and different explanation. It will help me to teach students with much broader perspective.
@1wun1
@1wun1 11 месяцев назад
This is very well explained, together with the previous one.
@DraoxxMusic
@DraoxxMusic 6 лет назад
I just started learning macroeconomics out of interest and curiosity, and I'm already in love with your videos. Subscribed!
@MarginalRevolutionUniversity
@MarginalRevolutionUniversity 6 лет назад
Welcome to the wonderful world of econ! Let us know how it goes! -Roman
@tonykawas3332
@tonykawas3332 Год назад
Thank you for sharing this. I like it overall as it is filled with many insights. But where it is filled with lies, I think you would be the better person to point them out
@vizx8574
@vizx8574 7 лет назад
you are great .the way you explain is very nice . keep doing this and thank you for this knowledge .
@anirudhkoushik1555
@anirudhkoushik1555 6 лет назад
watching this a couple of years late from release but one of the best material for gdp!! I was struggling to find a decent web series about the same and accidentally stumbled upon this and boy was it worth it!! Thanks a lot for making this video series!!
@MS-ce8nr
@MS-ce8nr 6 лет назад
Excellent presentations!
@quangnghialam5396
@quangnghialam5396 7 лет назад
I lile those videos very much, they are very useful and informative. Thank you!
@trailerhero
@trailerhero 4 года назад
Wow i just discovered this channel! Goldmine of information!
@sirojiddinolimov4593
@sirojiddinolimov4593 2 года назад
Thank you for the video
@sadhamhussain2738
@sadhamhussain2738 6 лет назад
Great videos with simple explanation.
@PradeepKumar-jh2gn
@PradeepKumar-jh2gn 5 лет назад
Very good information!! Thank you!! Subscribed!!
@curiokeeda5172
@curiokeeda5172 2 года назад
Very helpful and informative
@masnurhidayu3369
@masnurhidayu3369 3 года назад
Great videos. Clearly explained!
@krisnaviveka4711
@krisnaviveka4711 7 лет назад
Thanks for posting this video
@calc1588
@calc1588 3 года назад
Fantastic stuff - thanks
@subodhbhosale3744
@subodhbhosale3744 2 года назад
Really good video sir...! thank you...!
@essanewadia146
@essanewadia146 Год назад
This is so well done and explained. You've got my subscription
@shwetadwivedi3404
@shwetadwivedi3404 2 года назад
I just love the way prof in MRU explain everything so nicely in Ltd time :)
@Raja-kk1zi
@Raja-kk1zi 6 лет назад
Very interesting all of urs stuff and easy to understand
@iloveyouverymuch22
@iloveyouverymuch22 5 лет назад
These videos are awesome thank you very much for the good work guys
@jessiekang9823
@jessiekang9823 7 лет назад
Thank you for clear explanation. It is amazingly helpful for me to study economic by myself.
@geeza6588
@geeza6588 5 лет назад
Great video ! 👍
@lindascoon4652
@lindascoon4652 5 лет назад
Economists graph everything, even happiness. Where is the love graph
@abiolusa2972
@abiolusa2972 5 лет назад
Lool
@bustin9938
@bustin9938 4 года назад
how would you measure it?
@GjaP_242
@GjaP_242 3 года назад
3:56
@op2352
@op2352 3 года назад
How are Americans happy? Lol
@mandaragodagama495
@mandaragodagama495 3 года назад
good health, happiness can be accomplished through money but love isn't.
@sam4395
@sam4395 6 лет назад
awesome content ! Thank u so much!
@zeynalek
@zeynalek 2 года назад
I really enjoyed this video.Very clear and understandable ,thank you so much
@mainakmajumdar1555
@mainakmajumdar1555 7 лет назад
excellent videos. i am learning a lot. the pictorial part helps to understand things better. please put more pictures of goods to understand more clearly. its wonderful and now i am getting interested in economics.
@kranti1019
@kranti1019 2 года назад
You make fantastic videos, I'm glued to your channel. Can you make videos on Yeild curves, Futures market and derivatives market...??? Thank you 🙏
@abdullahhamed5955
@abdullahhamed5955 9 месяцев назад
Awesome videos
@salfan92
@salfan92 4 года назад
Awesome video.. the ones preceeding this video laid the foundation to understand this
@nirmanonline
@nirmanonline 6 лет назад
great work.. thanks.
@kathirvelany2642
@kathirvelany2642 3 года назад
Thanks for your content is very help full for my studies
@huangchenping8867
@huangchenping8867 4 года назад
thank you for your videos
@alparslankorkmaz2964
@alparslankorkmaz2964 3 года назад
Nicely explained.
@shubhamkale1324
@shubhamkale1324 7 лет назад
really good information and way of presenting it keep up the good work and make more nice videos like this
@Emilyland86
@Emilyland86 4 года назад
Omg this is the best explanation. No one can explain better than him. Please do more videos
@jackworster6129
@jackworster6129 8 лет назад
short sweet and to the point very good video
@AdnanKhan-uu9gp
@AdnanKhan-uu9gp 5 лет назад
Excellent work done presentation and style of concept delivery is awesome
@thembaninofficialzw9321
@thembaninofficialzw9321 Год назад
Love the video, it's very insightful
@allenkkwong
@allenkkwong 6 лет назад
Very good video!! Thanks!
@ashu1625
@ashu1625 7 лет назад
great video sir
@faizaiman4292
@faizaiman4292 6 лет назад
Your guys are doing great!keep it up
@rajshekharghosh2
@rajshekharghosh2 4 года назад
great videos, thank you.
@olmonk
@olmonk 6 лет назад
Outstanding videos. Good explanation of GDP.
@pelagiashorwa4460
@pelagiashorwa4460 6 лет назад
much obliged .....this is so helpful .......carry on
@fearlessgut
@fearlessgut 2 года назад
You are simply awesome 🤗.....
@sn4k321
@sn4k321 6 лет назад
Awesome! Super good explained
@popsistheking1602
@popsistheking1602 4 года назад
Great videos, thank you!
@Nirsterkur
@Nirsterkur 3 года назад
Thank you for the knowledge.
@samrawittekestekahsay1760
@samrawittekestekahsay1760 6 лет назад
Thanks, 🙏🏾very interesting👌🏾
@ruffyhymns1566
@ruffyhymns1566 Год назад
Its perfect sir.thanks for this
@beejaycarcagente410
@beejaycarcagente410 2 года назад
Wow. Excellent lecture.
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