Overachieving At GDP

An interesting analysis of GDP, technology, and education is presented by Scott McLeod (contributed to the "Did You Know/Shift Happens" presentation by Karl Fisch) on his Dangerously Irrelevant blog. Apparently the post was inspired by Shocking Economics. Special thanks to those who called this to our attention.

http://www.dangerouslyirrelevant.org/2007/11/gdp-overachieve.html

Shocking Economics Text

Here is the content from the Shocking Economics video in text. Added by popular request.

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1. The entire economic output of oil-rich foreign power Iraq ($13.4 billion GDP) – is less than one third of Rhode Island ($45.6 billion).

2. The entire economic output of Afgahnistan ($8.4 billion GDP) – totals far less than half of Vermont ($24.2 billion).

3. The entire economic output of oil-rich foreign power Iran ($213 billion GDP) – is less than Maryland ($257 billion).

4. The entire economic output of oil-rich foreign power Saudi Arabia ($349 billion GDP) – is less than 85% of New Jersey ($434 billion).

5. The entire combined economic output of all the oil-rich Middle East nations (Saudia Arabia, Iran, United Arab Emirates, Kuwait, Qatar, Oman, Syria, Yemen, Jordan, & Iraq – a combined $998 billion GDP) – is 40% less than California ($1.72 trillion).

6. The entire annual economic output of foreign super-power Russia ($979 billion GDP) – totals less than the state of New York ($1.02 trillion).

7. The entire economic output of foreign super-power China ($2.631 trillion GDP) – is less than just two US states combined – Texas & California ($2.748 trillion).

The USA exceeds the size of the world’s #2 ranked nation’s economy by more than 3 times…a gap of more than $8.8 trillion annually, and widening every year.

Just the difference between the total economic output of the USA and the world’s #2 ranked nation…that $8.8 trillion…exceeds the entire economies of 161 different foreign countries combined.

The United States exceeds the size of the world’s #3 ranked nation’s economy by more than 4 times...over $10 trillion annually.

Those two nations whose economies rank 2^nd and 3^rd among all other countries on earth today were defeated by the USA in World War II and were then rebuilt on American principles of government:

Japan #2
and Germany #3

Together, the USA, Japan, and Germany generate more economic output than 174 other nations combined…that’s over 42% of the entire world’s economic activity.

Since 1776, the American principles of

(1) Individual freedom
(2) Democratic self-government
(3) A free-market economy

have built the USA into the greatest economic engine in the history of nations.

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These comparisons are based upon published reports for the 181 nations of The International Monetary Fund. Similar findings will result from comparisons based upon published reports of The World Bank.

Investigate further here:
List of Countries by GDP
List of US States by GDP

VIDEO

Shocking Economics Video