GDP and Welfare across Countries 2007 Decomposition Per capi

GDP and Welfare across Countries, 2007 Decomposition Per capita GDP Country Welfare Life ex pectancy CIY Leisure Inequality 100.0 100.0 1.000 1.000 1.000 0.814 0.801 0.953 .175 0.776 0.859 .022 1.067 0.832 0.822 0.870 1.168 0.708 0.857 0.892 1.143 0.726 0.848 0.854 1.041 0.695 0.814 0.721 0.830 0.587 0.751 0.503 0.806 0.409 0.744 0.740 0.846 0.603 0.755 0.979 0.923 0.797 0.778 0.915 1.024 0.745 0.809 0.963 0.933 0.784 0.781 0.654 0.891 0.532 0.769 0.935 0.974 0.761 0.793 0.871 1.053 0.709 0.818 0.546 0.878 0.444 0.765 0.97 1.100 0.790 0.833 1177 0.803 0.958 0.743 United States 0.651 France 0.442 United Kingdom81.7 104.6 1.098 0.538 an 78.0 Ital 1.213 0.525 1.291 82.5 1.272 apan 0.651 Hong Kong 84.0 0.651 Singapore 52.4 0.651 South Korea 79.3 0.913 76.0 0.561 67.5 0.753 0.552 0.756 0.992 0.967 0.701 Mexico 28.4 Russia Brazil 0.651 0.851 0.863 China 0.797 0.624 0.636 0.988 0.669 India 0.520 Botswana 0.215 0.651 South Africa Malawi 0.295 0.878 0.827 Source: C. Jones and P. Klenow·\"Beyond GDP: welfare across countries and Time.\" Stanford University working Paper March 2013·The second line for each country displays the raw data on lite expectancy, the consumption share ot GDP leisure per adult, and the standard deviation of log consumption.

Solution

Canada’s GDP per capita is 38,065 per capita and is ranked 13^th in the world, whereas Australia’s is $37,828.78 and ranked 15^th. Australia was unaffected by the global recession and has remained strong and inflation is under control. Canada was hit by the global recession, but somehow managed to emerge from the financial crisis. Regarding inequality, Canada is at crossroads, a gap have grown between the middle-class and wealthy. This divide is threatening to erode the much cherished Canadian value, equality of opportunity for all. In Australia, data reveal that spending is evenly distributed than income due to household’s ability to borrow and save. Consumption inequality has changed a little though an increase in income inequality over recent decades.

The U.S. holds the largest amount of private wealth than any other country in the world, but that wealth is unevenly distributed. America’s wealth inequality is even more gaping its income inequality. A report dubbed the U.S. the “Unequal States of America” due to the size of the gap. These inequality gap is very much lesser in Canada when compared to the U.S. The overall life expectancy in the U.S. is 79 years while that in Canada is higher at 82 years. The life expectancy in Australia is a shade higher and stand at 83 years.

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