I suppose this is what we get for getting economic ‘news’ from Artvoice.
My head hurts just skimming this this thread…
The list doesnt include black people.
Im sure the people in Hartford are also wondering how their city is at the top of the list. Has anyone who has been to Hartford been impressed with the economic activity? Im sure its more representive of the outlying areas in CT where all the stockbrokers and fund managers live.
I had a long reply typed out yesteday after the first 3 replies to the article. But like many times on here, a quick Delete saves me lots of time/energy,
Well to steer this back in the right direction, this is still pretty good news!
If gross regional GDP represents a chunk of money to be made in the region, its still exciting to know that Western New Yorkers have more access than we thought to ACTUAL tangible income, even if its not exclusively in the City of Buffalo. Granted, im sure a great deal of the number is derived from out-of-region work/sales that is just headquartered here, but its still money being brought into the community.
Now that distribution of the wealth… thats another story lol.
GDP includes some of value, would this include assests of business such as buildings?
its been a while since ive had an economics class, but if thats the case then part of why buffalo is so high on the list is due to what i had posted in the last buffalo thread where i had shown actual fact for the massive amount of construction and its value, putting buffalo at near top of the list for current construction in the contry, plus the others that are in the works and design.
yet everyone says nothing is going on in buffalo…
Yes it does, think about it. I know what GDP means, If you don’t see the connection then I can’t help you.
After reading your original statement and assuming you are meaning the low wages to high gdp then yes it makes much more sense. My bad on assuming you like many other in the thread simply were speaking in terms of earnings.
I gather you mean about Buffalo having low wages relative to the healthy GDP and the wealthy making out on the deal. This is a fair assumption but being as GDP includes many factors that can skew this ideal such as government spending, consumer spending, import-export, etc it encompasses far too much for me to assume anything without all of the data presented to me.
So basically you take the GDP and divide it by the total population (of an area i.e. Buffalo)? I still don’t understand it but WOOOOO BUFFALO!
GDP = private consumption + gross investment + government spending + (exports − imports).
Reread it with my text book, taking macro/micro right now…
Welfare contributes to GDP…
GDP is like CPI, fabricated and fuzzy math. They make the #'s say what they want them to say. Just like how most Americans believe inflation is a FLAT 3% YOY when it’s exponential.
GDP is like any other crock number based field out there. Economics, finance, accounting, etc. It is all the format you are using and each format can make certain things look better in your favor.