ECON 5004 The University of Sydney Gross Domestic Product Research Paper

  

Here is the advice given by teachers and classmates:

The overall structure is clear and coherent. But please clearly state your main argument in the beginning. While the conclusion is clear, please police it further to make it more persuasive.
Overall, the tone is consistent with a public / professional essay. For further improvement, try to capture the attention of your reader with a catchy introduction. Also, do not hesitate to use figures of speech (analogy, metaphor etc.) or concrete examples to convey your thoughts better.
In preparation for the mandatory consultation, please read my in-text comments.
Maribel

good topic but some arguments are not clear enough and confused
proofread to make sure there is no grammar errors
need to stand your argument at the beginning
conclusion is not clear enough

The 11111.pdf is the specific suggestion given by the teacher. You should modify it mainly according to this file. Remember to add more references and analyze them with some charts. (Add at least two more diagrams and three references

)

I also uploaded my first draft, referecne format document (because my reference format is wrong) and the requirement document, please read them carefully.

1
Gross Domestic Product
Zhisheng Xu
ECON 5004
2020/11/5
2
How well does GDP measure the well-being of a society?
GDP refers to the final value of the goods and services produced within the geographical
boundaries in a given time, which is usually a year. In many cases, the growth rate of GDP is
used by economists as an indicator of a country’s performance. GDP is measured using three
methods. One is the expenditure method, which measures the total expenditure that all goods and
services within a country’s boundaries incur1. Second, the income method, which uses the total
income that the factors of production (labor and capital) earn to determine the GDP. The last
method is the output method, which measures the market value of all the goods and services
produced within a country’s borders to determine the GDP of a nation.
Limitations of GDP as a measure of standards of Living.
When talking about the standards of living, the primary focus is the elements and factors
that contribute to a person’s happiness. Some of the features that make someone happy are not
sold or bought in a supermarket, but some like food. The level of GDP manages to capture some
aspect of living standards, but it does not entirely touch on the basics of what the standards of
living. As a result, GDP has limitations that make it unreliable in measuring living standards as it
does not cover most of the relevant factors to standards of living.
One of the limitations of GDP is that it does not account for people’s leisure time. The
GDP per capita of the United States is larger than the GDP per capita of a country like Germany.
However, this does not necessarily mean that living standards in the United States are better than
those in Germany. An average worker in the US works for an extra hundred hours per year than
1
Giannetti, B. F., Agostinho, F., Almeida, C. M. V. B., & Huisingh, D. (2015). A review of limitations of GDP and alternative
indices to monitor human wellbeing and to manage eco-system functionality. Journal of cleaner production, 87, 11-25.
3
the German worker2. When calculating the GDP, the vacation hours that the German workers
have been taken into account.
Two, GDP per capita considers the amount spent on healthcare, education, and general
environmental protection. However, it does not consider the actual levels of health, learning, and
overall ecological cleanliness3. It is absurd that GDP considers the costs used in purchasing the
medical care items and paying the doctors and nurses. Still, it does not care to check whether the
level of life expectancy had fallen or risen. Additionally, GDP takes into account what is spent
on education but does not glance at how many people are learning and how many of them can
read and write.
Three, GDP only considers the production that takes place at the market and does not cover the
production that is exchanged outside the market. Some people take their farm products to the
market, and some grow far products for their domestic consumption. Taking the products to the
market to the market is counted as GDP, while growing the farm products and consuming them
domestically is not counted as GDP. As a result, GDP is not reliable in determining the living
standards of people in a nation.
Should Economics depend on GDP as a measure of Living standards then?
Economists should not depend on GDP to measure living standards because GDP is just a
rough indicator of living standards. If economists want to measure the actual living standards,
2
Giannetti, B. F., Agostinho, F., Almeida, C. M. V. B., & Huisingh, D. (2015). A review of limitations of GDP and alternative
indices to monitor human wellbeing and to manage eco-system functionality. Journal of cleaner production, 87, 11-25.
3
Giannetti, B. F., Agostinho, F., Almeida, C. M. V. B., & Huisingh, D. (2015). A review of limitations of GDP and alternative
indices to monitor human wellbeing and to manage eco-system functionality. Journal of cleaner production, 87, 11-25.
4
they should develop other means of determining the exact living standards. Additionally, they
can change and adjust the formula to take into account all aspects of life that make a human
being happy.
5
Bibliography
Giannetti, B. F., Agostinho, F., Almeida, C. M. V. B., & Huisingh, D. (2015). A review of
limitations of GDP and alternative indices to monitor human wellbeing and to manage ecosystem functionality. Journal of cleaner production, 87, 11-25.
1
Gross Domestic Product
Zhisheng Xu
ECON 5004
2020/11/5
2
How well does GDP measure the well-being of a society?
GDP refers to the final value of the goods and services produced within the geographical
boundaries in a given time, which is usually a year. In many cases, the growth rate of GDP is
used by economists as an indicator of a country’s performance. GDP is measured using three
methods. One is the expenditure method, which measures the total expenditure that all goods and
services within a country’s boundaries incur1. Second, the income method, which uses the total
income that the factors of production (labor and capital) earn to determine the GDP. The last
method is the output method, which measures the market value of all the goods and services
produced within a country’s borders to determine the GDP of a nation.
Limitations of GDP as a measure of standards of Living.
When talking about the standards of living, the primary focus is the elements and factors
that contribute to a person’s happiness. Some of the features that make someone happy are not
sold or bought in a supermarket, but some like food. The level of GDP manages to capture some
aspect of living standards, but it does not entirely touch on the basics of what the standards of
living. As a result, GDP has limitations that make it unreliable in measuring living standards as it
does not cover most of the relevant factors to standards of living.
One of the limitations of GDP is that it does not account for people’s leisure time. The
GDP per capita of the United States is larger than the GDP per capita of a country like Germany.
However, this does not necessarily mean that living standards in the United States are better than
1
Giannetti, B. F., Agostinho, F., Almeida, C. M. V. B., & Huisingh, D. (2015). A review of limitations of GDP and alternative
indices to monitor human wellbeing and to manage eco-system functionality. Journal of cleaner production, 87, 11-25.
3
those in Germany. An average worker in the US works for an extra hundred hours per year than
the German worker2. When calculating the GDP, the vacation hours that the German workers
have been taken into account.
Two, GDP per capita considers the amount spent on healthcare, education, and general
environmental protection. However, it does not consider the actual levels of health, learning, and
overall ecological cleanliness3. It is absurd that GDP considers the costs used in purchasing the
medical care items and paying the doctors and nurses. Still, it does not care to check whether the
level of life expectancy had fallen or risen. Additionally, GDP takes into account what is spent
on education but does not glance at how many people are learning and how many of them can
read and write.
Three, GDP only considers the production that takes place at the market and does not cover the
production that is exchanged outside the market. Some people take their farm products to the
market, and some grow far products for their domestic consumption. Taking the products to the
market to the market is counted as GDP, while growing the farm products and consuming them
domestically is not counted as GDP. As a result, GDP is not reliable in determining the living
standards of people in a nation.
Should Economics depend on GDP as a measure of Living standards then?
2
Giannetti, B. F., Agostinho, F., Almeida, C. M. V. B., & Huisingh, D. (2015). A review of limitations of GDP and alternative
indices to monitor human wellbeing and to manage eco-system functionality. Journal of cleaner production, 87, 11-25.
3
Giannetti, B. F., Agostinho, F., Almeida, C. M. V. B., & Huisingh, D. (2015). A review of limitations of GDP and alternative
indices to monitor human wellbeing and to manage eco-system functionality. Journal of cleaner production, 87, 11-25.
4
Economists should not depend on GDP to measure living standards because GDP is just a
rough indicator of living standards. If economists want to measure the actual living standards,
they should develop other means of determining the exact living standards. Additionally, they
can change and adjust the formula to take into account all aspects of life that make a human
being happy.
5
Bibliography
Giannetti, B. F., Agostinho, F., Almeida, C. M. V. B., & Huisingh, D. (2015). A review of
limitations of GDP and alternative indices to monitor human wellbeing and to manage ecosystem functionality. Journal of cleaner production, 87, 11-25.
ECON5004: Communication in Economics
Semester 2, 2020
Instructor: Denny Lie
Assignment: Public/Professional Writing Project
Assignment Outline
Students are required to write a short essay (600-750 words) on an economic topic of their choice
with the general public or a professional audience in mind.1 The essay will be developed in two
phases, with an initial draft submitted to the tutor (for review and feedback), and a final version
submitted in the last week of the course.
Students are encouraged to select an essay topic and format that best fits their personal and
professional interests. The potential subject matter is broad, and can coincide with earlier topics
in the course (e.g., from one of the three earlier assessments). The potential format is also
flexible – students could pretend they are writing an intelligent blog post, an op-ed for the
newspaper, or a briefing or memo in a business setting. The core requirement is that the essay
use economic reasoning and argumentation to make its main points (especially, that there be a
central argument to the essay), and that it be written in a style accessible to a non-specialist
audience. Hence there is more room for creativity in style and content than for the academic
essay. In particular, students are encouraged to use techniques to catch and maintain a reader’s
attention and convey ideas in an accessible way, as discussed in particular in the week 8 lecture.
The final submission will be capped at 750 words, exclusive of literature references. Students are
again expected to follow the Chicago style for citations.
Phases
The assignment will be completed in two phases.
Phase 1 (600-750 words; 10/20 points): due Thursday, 5 November, 6pm (Week 10)
Students will write a full first draft of the essay and submit it electronically. The course tutor will
provide written feedback through Canvas (4 points), which will be followed up with a group
consultation session with the tutor within 1-2 weeks after the submission (4 points). Students will
also be required to either submit a written review of a fellow’s student essay or participate in an
online peer-review session (2 points).
Phase 2 (600-750 words; 10/20 points): due Friday, 27 November, 5pm (STUVAC week)
Students will revise the essay based on the feedback from the tutor, for a final submission.
Grading Weight
The public/professional essay carries 20% of the grading weight for the course.
1
The only exception is that the professional audience you have in mind should not be primarily made up
of academic economists.
1
Author-Date: Sample Citations
Go to Notes and Bibliography: Sample Citations
The following examples illustrate the author-date system. Each example of
a reference list entry is accompanied by an example of a corresponding
in-text citation. For more details and many more examples, see chapter
15 of The Chicago Manual of Style. For examples of the same citations
using the notes and bibliography system, follow the Notes and
Bibliography link above.
Book
Reference list entries (in alphabetical order)
Grazer, Brian, and Charles Fishman. 2015. A Curious Mind: The Secret to a
Bigger Life. New York: Simon & Schuster.
Smith, Zadie. 2016. Swing Time. New York: Penguin Press.
In-text citations
(Grazer and Fishman 2015, 12)
(Smith 2016, 315–16)
For more examples, see 15.40–45 in The Chicago Manual of Style.
Chapter or other part of an edited book
In the reference list, include the page range for the chapter or part. In the
text, cite specific pages.
Reference list entry
Thoreau, Henry David. 2016. “Walking.” In The Making of the American Essay,
edited by John D’Agata, 167–95. Minneapolis: Graywolf Press.
In-text citation
(Thoreau 2016, 177–78)
In some cases, you may want to cite the collection as a whole instead.
Reference list entry
D’Agata, John, ed. 2016. The Making of the American Essay. Minneapolis:
Graywolf Press.
In-text citation
(D’Agata 2016, 177–78)
For more details, see 15.36 and 15.42 in The Chicago Manual of Style.
Translated book
Reference list entry
Lahiri, Jhumpa. 2016. In Other Words. Translated by Ann Goldstein. New York:
Alfred A. Knopf.
In-text citation
(Lahiri 2016, 146)
E-book
For books consulted online, include a URL or the name of the database in
the reference list entry. For other types of e-books, name the format. If no
fixed page numbers are available, cite a section title or a chapter or other
number in the text, if any (or simply omit).
Reference list entries (in alphabetical order)
Austen, Jane. 2007. Pride and Prejudice. New York: Penguin Classics. Kindle.
Borel, Brooke. 2016. The Chicago Guide to Fact-Checking. Chicago: University
of Chicago Press. ProQuest Ebrary.
Kurland, Philip B., and Ralph Lerner, eds. 1987. The Founders’ Constitution.
Chicago:
University
of
Chicago
Press.
http://press-pubs.uchicago.edu.ezproxy1.library.usyd.edu.au/founders/.
Melville, Herman. 1851. Moby-Dick; or, The Whale. New York: Harper &
Brothers. http://mel.hofstra.edu/moby-dick-the-whale-proofs.html.
In-text citations
(Austen 2007, chap. 3)
(Borel 2016, 92)
(Kurland and Lerner 1987, chap. 10, doc. 19)
(Melville 1851, 627)
Journal article
In the reference list, include the page range for the whole article. In the text,
cite specific page numbers. For articles consulted online, include a URL or
the name of the database in the reference list entry. Many journal articles
list a DOI (Digital Object Identifier). A DOI forms a permanent URL that
begins https://doi-org.ezproxy1.library.usyd.edu.au/. This URL is
preferable to the URL that appears in your browser’s address bar.
Reference list entries (in alphabetical order)
Keng, Shao-Hsun, Chun-Hung Lin, and Peter F. Orazem. 2017. “Expanding
College Access in Taiwan, 1978–2014: Effects on Graduate Quality and
Income Inequality.” Journal of Human Capital 11, no. 1 (Spring): 1–34.
https://doi-org.ezproxy1.library.usyd.edu.au/10.1086/690235.
LaSalle, Peter. 2017. “Conundrum: A Story about Reading.” New England
Review 38 (1): 95–109. Project MUSE.
Satterfield, Susan. 2016. “Livy and the Pax Deum.” Classical Philology 111, no.
2 (April): 165–76.
In-text citations
(Keng, Lin, and Orazem 2017, 9–10)
(LaSalle 2017, 95)
(Satterfield 2016, 170)
Journal articles often list many authors, especially in the sciences. If there
are four or more authors, list up to ten in the reference list; in the text, list
only the first, followed by et al. (“and others”). For more than ten authors
(not shown here), list the first seven in the reference list, followed by et al.
Reference list entry
Bay, Rachael A., Noah Rose, Rowan Barrett, Louis Bernatchez, Cameron K.
Ghalambor, Jesse R. Lasky, Rachel B. Brem, Stephen R. Palumbi, and Peter
Ralph. 2017. “Predicting Responses to Contemporary Environmental Change
Using Evolutionary Response Architectures.” American Naturalist 189, no. 5
(May):
https://doi-org.ezproxy1.library.usyd.edu.au/10.1086/691233.
463–73.
In-text citation
(Bay et al. 2017, 465)
For more examples, see 15.46–49 in The Chicago Manual of Style.
News or magazine article
Articles from newspapers or news sites, magazines, blogs, and the like are
cited similarly. In the reference list, it can be helpful to repeat the year with
sources that are cited also by month and day. Page numbers, if any, can be
cited in the text but are omitted from a reference list entry. If you consulted
the article online, include a URL or the name of the database.
Reference list entries (in alphabetical order)
Manjoo, Farhad. 2017. “Snap Makes a Bet on the Cultural Supremacy of the
Camera.” New
York
Times,
March
8,
2017.
https://www.nytimes.com/2017/03/08/technology/snap-makes-a-bet-on-the-c
ultural-supremacy-of-the-camera.html.
Mead, Rebecca. 2017. “The Prophet of Dystopia.” New Yorker, April 17, 2017.
Pai, Tanya. 2017. “The Squishy, Sugary History of Peeps.” Vox, April 11, 2017.
http://www.vox.com/culture/2017/4/11/15209084/peeps-easter.
Pegoraro, Rob. 2007. “Apple’s iPhone Is Sleek, Smart and Simple.” Washington
Post, July 5, 2007. LexisNexis Academic.
In-text citation
(Manjoo 2017)
(Mead 2017, 43)
(Pai 2017)
(Pegoraro 2007)
Readers’ comments are cited in the text but omitted from a reference list.
In-text citation
(Eduardo B [Los Angeles], March 9, 2017, comment on Manjoo 2017)
For more examples, see 15.49 (newspapers
and 15.51 (blogs) in The Chicago Manual of Style.
and
magazines)
Book review
Reference list entry
Kakutani, Michiko. 2016. “Friendship Takes a Path That Diverges.” Review
of Swing Time, by Zadie Smith. New York Times, November 7, 2016.
In-text citation
(Kakutani 2016)
Interview
Reference list entry
Stamper, Kory. 2017. “From ‘F-Bomb’ to ‘Photobomb,’ How the Dictionary
Keeps Up with English.” Interview by Terry Gross. Fresh Air, NPR, April 19,
2017.
Audio,
35:25.
http://www.npr.org/2017/04/19/524618639/from-f-bomb-to-photobomb-how
-the-dictionary-keeps-up-with-english.
In-text citation
(Stamper 2017)
Thesis or dissertation
Reference list entry
Rutz, Cynthia Lillian. 2013. “King Lear and Its Folktale Analogues.” PhD diss.,
University of Chicago.
In-text citation
(Rutz 2013, 99–100)
Website content
It is often sufficient simply to describe web pages and other website
content in the text (“As of May 1, 2017, Yale’s home page listed . . .”). If a
more formal citation is needed, it may be styled like the examples below.
For a source that does not list a date of publication or revision, use n.d. (for
“no date”) in place of the year and include an access date.
Reference list entries (in alphabetical order)
Bouman, Katie. 2016. “How to Take a Picture of a Black Hole.” Filmed
November 2016 at TEDxBeaconStreet, Brookline, MA. Video, 12:51.
https://www.ted.com/talks/katie_bouman_what_does_a_black_hole_look_lik
e.
Google. 2017. “Privacy Policy.” Privacy & Terms. Last modified April 17, 2017.
https://www-google-com.ezproxy1.library.usyd.edu.au/policies/privacy/.
Yale University. n.d. “About Yale: Yale Facts.” Accessed May 1, 2017.
https://www.yale.edu/about-yale/yale-facts.
In-text citations
(Bouman 2016)
(Google 2017)
(Yale University, n.d.)
For more examples, see 15.50–52 in The Chicago Manual of Style. For
multimedia, including live performances, see 15.57.
Social media content
Citations of content shared through social media can usually be limited to
the text (as in the first example below). If a more formal citation is needed,
a reference list entry may be appropriate. In place of a title, quote up to the
first 160 characters of the post. Comments are cited in reference to the
original post.
Text
Conan O’Brien’s tweet was characteristically deadpan: “In honor of Earth Day,
I’m recycling my tweets” (@ConanOBrien, April 22, 2015).
Reference list entries (in alphabetical order)
Chicago Manual of Style. 2015. “Is the world ready for singular they? We
thought so back in 1993.” Facebook, April 17, 2015.
https://www.facebook.com/ChicagoManual/posts/10152906193679151.
Souza, Pete (@petesouza). 2016. “President Obama bids farewell to President Xi
of China at the conclusion of the Nuclear Security Summit.” Instagram photo,
April 1, 2016. https://www.instagram.com/p/BDrmfXTtNCt/.
In-text citations
(Chicago Manual of Style 2015)
(Souza 2016)
(Michele Truty, April 17, 2015, 1:09 p.m., comment on Chicago Manual of Style
2015)
Personal communication
Personal communications, including email and text messages and direct
messages sent through social media, are usually cited in the text only; they
are rarely included in a reference list.
In-text citation
(Sam Gomez, Facebook message to author, August 1, 2017)

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