Quotes & Sayings About Gross Domestic Product

China uses about half of the world's cement for its new roads and buildings.
According to the World Bank in 2007, China had 16 of the world's 20 most polluted cities.
One day in January 2013, the air pollution index in Beijing was 755 - measured on a scale of 0 to 500!
In late 2012, 16,000 dead pigs were found floating in the river that supplies water to
Shanghai, the PRC's largest city.
For 2010, a ministry of the Chinese government estimated the monetary cost of the environmental damage caused by rapid industrialization at $230 billion, which is 3.5 percent of China's gross domestic product.
Air pollution from Chinese factories wafts over to the Koreas and Japan. Sometimes, upper atmospheric winds carry the sulphur dioxide from China's coal-burning clear over to North America's west coast. — James Peoples

The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity; on the ability to extend opportunity to every willing heart - not out of charity, but because it is the surest route to our common good. — Barack Obama

The gross domestic product (GDP) was created in the 1930s to measure the value of the sum total of economic goods and services generated over a single year. The problem with the index is that it counts negative as well as positive economic activity. If a country invests large sums of money in armaments, builds prisons, expands police security, and has to clean up polluted environments and the like, it's included in the GDP. Simon Kuznets, an American who invented the GDP measurement tool, pointed out early on that "[t]he welfare of a nation can . . . scarcely be inferred from a measurement of national income."28 Later in life, Kuznets became even more emphatic about the drawbacks of relying on the GDP as a gauge of economic prosperity. He warned that "[d]istinctions must be kept in mind between quantity and quality of growth . . . . Goals for 'more' growth should specify more growth of what and for what."29 — Jeremy Rifkin

If you look at payments to labor as a proportion of national income or gross domestic product, you find profits going way up, investment and savings going up. — Michael Hudson

A quick quiz. What do the following events have in common? The war in Iraq. The Exxon Valdez oil spill. The rise in America's prison population. The answer: They all contribute to our nation's gross national product, or what's now referred to as gross domestic product, or GDP, and therefore all are considered "good," at least in the dismal eyes of economists. — Eric Weiner

The federal investment in finding cures for cancer - $3 billion annually [as of 1999] - is less than ... zero ... point ... zero ... zero ... zero ... four ... percent of our gross domestic product, or about one-seventh of what Americans spend on beauty products. — Michael Milken

Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013. — Christina Romer

It's interesting how the view from abroad can shift and remake perceptions of homegrown celebrities, the ones who are part of the gross domestic product. — Tina Brown

We have spoken on many occasions of the need to achieve high economic growth as an absolute priority for our country. The annual address for 2003 set for the first time the goal of doubling gross domestic product within a decade. — Vladimir Putin

Economics was like psychology, a pseudoscience trying to hide that fact with intense theoretical hyperelaboration. And gross domestic product was one of those unfortunate measurement concepts, like inches or the British thermal unit, that ought to have been retired long before. — Kim Stanley Robinson

It was the ruling King of Bhutan himself who, in the 1980s, set up a system that measured national advancement according to Gross National Happiness rather than Gross Domestic Product. — David Michie

Today, you have 20 percent of the world controlling 80 percent of the Gross Domestic Product; you've got a $30 trillion (US) world economy, and $24 trillion of it is in the developed countries ... These inequities can't exist. So if you are talking about systemic breakdown, I think you have to look in terms of social breakdown. — James Wolfensohn

The Congolese are consistently rated as the planet's poorest people, significantly worse off than other destitute Africans. In the decade from 2000, the Congolese were the only nationality whose gross domestic product per capita, a rough measure of average incomes, was less than a dollar a day. — Tom Burgis

Gross Domestic Product - the substitution, in effect, of ideas for physical value. — Matt Taibbi

At present we are stealing the future, selling it in the present, and calling it gross domestic product. — Paul Hawken

And it was back in the mid-1980s, and as I point out in a piece, that was when we are spending about eight percent of our gross domestic product on health care. And even then, we had the impression that so much of the excessive, aggressive medical treatment that took place at the end of life was not only unnecessary but it was cruel. — Richard Dooling

The price of imported oil in the US doubled between summer 2003 and summer 2005, reducing consumers' purchasing power by more than 1 per cent of gross domestic product. — Martin Feldstein

Between 2001 and 2011, Brazil lifted 20 million people out of poverty and into its growing middle class, and in the last quarter of the twentieth century Botswana's gross domestic product per capita grew faster than that of any other country on the planet. The once-labeled 'Third World' is edging its way into the 'First World.' — Peter Blair Henry

We have an economic model that is based on pulling resources out of the ground and mostly turning them into unnecessary products, getting people to buy the products by convincing them that they need them, then getting them to throw the products away because they're obsolete. This makes people buy the next model and bury the other one in the ground. The sole goal of this seemingly pointless exercise is to work faster and grow the gross domestic product, which measures the resource churn. — Jacob Lund Fisker

Let's look at the amounts involved.5 When George W. Bush left office, the federal debt was $9 trillion. That's a huge amount, and Bush added nearly $4 trillion to the total, a disgraceful legacy caused primarily by profligate domestic spending and foreign wars. Bush's second term deficits averaged around $500 billion. But still, the $9 trillion represented America's entire debt accumulated from the founding through 2008. Now, under Obama, the federal debt is $18.5 trillion. It's larger than America's gross domestic product which is around $17 trillion. The debt will be over $19 trillion when Obama leaves office. While progressives professed to be scandalized by Bush's $500 billion deficits, they have remained silent while Obama racks up trillion-dollar deficits. — Dinesh D'Souza

World military spending has now risen to over $1.2 trillion. This incredible sum represents 2.5 per cent of GDP (global gross domestic product). Even if 1 per cent of it were redirected towards development, the world would be much closer to achieving the Millennium Development Goals. — Ban Ki-moon

Failing to curb the impact of climate change could damage the global economy on the scale of the Great Depression or the world wars by spawning environmental devastation that could cost 5 to 20 percent of the world's annual gross domestic product. — Nicholas Stern

The problem with gross domestic product is the gross bit. There are no deductions involved: all economic activity is accounted as if it were of positive value. Social harm is added to, not subtracted from, social good. A train crash which generates £1bn worth of track repairs, medical bills and funeral costs is deemed by this measure as beneficial as an uninterrupted service which generates £1bn in ticket sales. — George Monbiot

Gross National Happiness is more important than Gross Domestic Product. attr to Buthan's King Jigme Singye Wangchuck — John Robbins

Housing has led our nation's economic expansion over the past few years, accounting for 16 percent of our Gross Domestic Product. New housing starts and home sales hit record levels from 2003 through 2005. — Randy Neugebauer

The senior British economic thinker on climate, Sir Nicholas Stern, has estimated that if we don't reverse climate change, the costs of dealing with the resulting catastrophe would be as much as twenty percent of the world's Gross Domestic Product. He's saying that if we do nothing about climate change, then we will have to spend a full fifth of our planet's economic energy on dealing with the floods, hurricanes, droughts, food shortages, and epidemics that will result. — Colin Beavan

The economy of the United States gross domestic product doubled from 1996 to 2015, doubled, more than, $8.8 trillion to $17.1 trillion. And the median household income went down. — Mark Shields

I tell foreign companies that come here ... 'Don't see Turkey as a country of 770,000 sq km and $800bn gross domestic product. This country has the potential to do so much business in the surrounding countries.' — Husnu Ozyegin

With a chip on his shoulder larger than his margin of victory, Barack Obama is approaching his second term by replicating the mistake of his first. Then his overreaching involved health care - expanding the entitlement state at the expense of economic growth. Now he seeks another surge of statism, enlarging the portion of gross domestic product grasped by government and dispensed by politics. The occasion is the misnamed 'fiscal cliff,' the proper name for which is: the Democratic Party's agenda. — George Will