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Discuss the limitations of these statistics in comparing the sol in the…
Discuss the limitations of these statistics in comparing the sol in the Singapore economy with that of other countries. [15]
KW:
- compare sg with other countries: across space question (BRING IN EGS OF DIFFERENT COUNTRIES)
- 15 marks: 3 pts
- "discuss": means give 2 pov, one of singapore one of other countries
- question specify limitations, so you only should talk about limitations, if the questions ask whether or not
FORMAT FOR ACROSS SPACE QUESTIONS
- State the limitattion
- explain the limitation
- give an eg of another country
intro
Key limitation if using real gdp per capita:
- the change in GDP cannot be used to measure the difference in sol across countries
- this can only be measured using the absolute values of gdp
- compare between countries (compare china and sg)
I know that this is my key limitation because it is not in the mindmap that i memorized. So it has to be stated first as like the most obvious and important limitation.
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BP2: changes and differences in data collection may give rise to limitations (measurement)
- Size and accuracy
- Accuracy in data collection differs for more developed countries and less developed countries
- Accuracy also differs because some countreis are larger and thus it is harder to collect accurate data
- Compare China + India vs Singapore
- underground economy
- Treatement of items differs across countries, meaning that some things may be included in gdp while others will not
- Compare how consumpiton of cannabis is legal in the Netherlands but not in Singpaore
- Evaluation:
- Some countries have tried to estimate the size of underground economic activities in the country but these figures remain rarely accurate because the underground economies are rather opaque
BP3: Statistics does not reveal about non material aspect
- Environment factors
- Higher gdp might have negative externalities like pollution, congestion and depletion of natural resources
- hence this does not mean there is a higher sol
- Socioeconomic factors
- Countries with higher gdp could be more stressed, have less leisure time
- this means that the countries might not have that high sol
- compare us vs singapore, where the people have higher gdp, but also more pollution etc
Conclusion
- These income statistics are limited in their use
- we would have to use other factors like HDI, PPP adjusted GDP per capita to have a more holistic assessment
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