Economic Indicators

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Economic Indicators (30:00)
Item# 10844

How do countries evaluate the performance of their economic systems and national economies? In module one of this program, the Italian Statistical Office applies the U.S. concept of Gross Domestic Product, while in module two economists in Finland consider the GDP plus social indicators to gain a fuller economic picture. Module three illustrates how Hungary, a former communist bloc country, monitors its transition from a planned economy to a market economy through its own blend of statistics. (30 minutes)

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Segments in this Video - (10)

1. Gross Domestic Product (04:08)
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Italy's government tracks the sums of all companies’ goods and services in one year. The Gross Domestic Product (GDP) accounts for the cost of materials and services used in production.

2. Efficacy of GDP Measurement (01:42)

Companies disclose their costs, investments, turnover, and sales. Total GDP adds consumption, investment, and exports together minus imports. GDP helps state and international decision makers.

3. Gross National Product (02:33)

Gross National Product adds earned income and capital made abroad to GDP, and subtracts income and capital paid abroad. GDP is a poor determinate of wealth in times of war and instability.

4. Statistics Importance (01:33)

GDP is an official mathematical number used to measure and compare economic performance. It is only one indicator important to democracy which does not measure Italy's social performance.

5. Social Statistics (04:17)

Finland records traditional economic numbers as well as social and environmental statistics. Finland interviews citizens on a personal level to assess their quality of life.

6. Measuring Welfare (02:00)

The European Community Household Panel (ECHP) surveys Finnish citizens. Statistics show that, cumulatively, chronic morbidity, poverty and unemployment may lead to social exclusion.

7. State of Mind in Finland (02:38)

Without a direct relationship between wealth and quality of life, the Finnish people still welcome social data that reinforces their overall satisfaction with life in their country.

8. Hungary's Economic Situation (02:29)

Hungary's transition from a command to a market economy results in joblessness and monetary inflation. The system is more transparent, but the citizens are worse off.

9. Transition and European Integration (02:40)

Institutional and structural changes come at different rates. Hungary's European Union membership enforces a set of legal and economic standards on the newly liberalized nation.

10. Economic Upswing in Hungary (03:51)

Unemployment and inflation subside while GDP grows. Hungary successfully adapts to a market economy through their openness and willingness to democratize their government and economy.

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