My Take on Econ

  There are several measures of  development that are known, such as: GDP, HDI,  GNP and the list goes on.  There is a continuous argument based upon  which is, objectively, better.  So,  I will divide this blog into  4  sections :   GDP   GNP     HDI   Comparison   To discuss which measure of development is the best.     Gross Domestic Product  (per capita) is by far, the most  well-known  one, this is because governments like to use this figure to show economic prosperity. GDP is calculated by adding up all the money spent by consumers, businesses, and government in a given period of time. Alternatively, it can be calculated as all the money received by all the participants in an economy (this measure is in time periods, usually annually or quarterly). This is great to show the health of a country’s economy and to compare the size of separate economies as well as to compare the same economy in different periods of time (to see the percentage change), also known as growth or decline o

So today I will be discussing the differences between the public and private sectors and then concluding which is better. Firstly, it is important for me to disclose what the sectors are designed to do. These sectors are there in order to provide services and goods to people living in an economy, each individual sector is based on whether it is controlled by the government (public) or independent businesspeople and companies (private). There are a variety of arguments and counter-arguments about which one is better. The private sector’s goals are to maximise profit for it’s shareholders, which is usually done through the most efficient means. This is because the product needs to be   produced as inexpensively as possible in order to   increase the profit margin. However, the goal is not primarily to provide services cheaply to everyone. For example, Tesla’s cars cost less to make than they sell for, and therefore Elon musk makes money and now is worth $190.5 billion. (according to