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Insights into sociology (Measures of prosperity ‐ GDP ((• A measure of the…

- - - - •How is society constructed?
      - •How does society operate and function?
      - •Why are some groups in society more powerful than others?
      - •Is society normally in orderly balance or in conflict?
      - •What is the relationship of the individual to society?
      - •What is the primary purpose of sociological theory?
- - - - • Upper class: <1%,
        
        Major determining factor is property
    - - lack of substantial income from property and working class by
        education
    - - people performing manual labour
    - - • Households living in poverty is estimated to have increased by 1/3rd from 1973‐1996
      - • Top 10% holds >50% of the wealth Bottom ½ only 3%
- - - - Ignores the wealth distribution
        
        Ignores how expensive it is to live in a country
        
        PPP – Purchasing Power Parity
      - accounts for social progress ( no environmental consideration
      - Ignores population size
    - - • Measures the success or failure of economic policy
      - • Useful measure of progress of a country
      - Useful measure of market size
  - - - • Useful for comparing countries of different size to each
      - • Measure of relative wealth of country
      - • Measure of relative performance of each country
      - • Measure of productivity of country’s people
    - - Still ignores wealth distribution
      - • Ignores number of hours worked by population
      - • Ignores the economic might of a country
- - - - Gives an indication of the distribution of income in a country
        • Relatively simple measure
    - - • Gini coefficient is a measure of relative wealth, not absolute wealth
        • E.g. Bangladesh and Netherlands have similar Gini coefficients