GDP Transforms to Well-Being! Results in the USA and China

Authors

  • Gordon Bechtel Warrington College of Business, University of Florida Gainesville, Gainesville FL 32611-7150, USA.

DOI:

https://doi.org/10.9734/bpi/ieam/v6/7420D

Keywords:

Advantages of monetary and temporal indicators, Global shocks to GDP, Fractional polynomial regression, Internal consistency of GDP, Prediction of HDI from GDP, R2 invariance w.r.t. GDP calibration

Abstract

There has been no research on the internal consistency of GDP’s three component indicators: household consumption, business and household investment, and government spending.  This chapter establishes 1) the internal consistency of these indicators in the world’s two largest economies and 2) their near-perfect prediction of the United Nation’s Human Development Index (HDI).  Thus, HDI computation can be carried out from American and Chinese GDPs alone without survey sampling, questionnaire interrogation, probabilistic inference, or significance testing.  

Published

2021-02-20

How to Cite

Gordon Bechtel. (2021). GDP Transforms to Well-Being! Results in the USA and China. Insights into Economics and Management Vol. 6, 73–81. https://doi.org/10.9734/bpi/ieam/v6/7420D

Issue

Insights into Economics and Management Vol. 6

Section

Chapters