Comparing the Economic Power of India and Australia

1295 Words3 Pages
bulb-icon

Recommended: Macroeconomics review

Studying economics of any county can be very enlightening. Macroeconomics, which studies the economy as a whole, (Boyes & Melvin, 2012) can give insight on any country’s economic performance. The use of economic indicators such as Growth Domestic Product (GDP), GDP Per capita, GDP spent on military, and the population growth rate can be effective when analyzing the overall well-being of countries such as Australia and India.
The information from the economic indicators is also useful in contrasting specific areas of interest between countries. For example, the life expectancy at birth for Australia increased at an average of one month per year from 81.3 in 2007 to 81.8 in 2011 and the United States (U.S.) increased about 2 months per year from 77.8 in 2007 to 78.6. In addition, in India the life expectancy increased at an average of 3.2 months per year from 64.8 in 2007 to 66.0 in 2011 (Worldbank.org, 2014).
These results can imply that the slow increase in life expectancy may have a negative effect on economic growth. In comparing the GDP per capita of the same countries, Australia $67,555.8 in 2012, India $1,489.2 and U.S. is $51,748.6. (Worldbank.org) The GDP per capita results implies that Australia is the wealthiest of the three countries. However, GDP would suggest otherwise. Australia is $1.532 trillion in 2012, India is $1.842 trillion in 2012, and U.S. is $16.244 trillion in 2012, this would suggest that the U.S. is the wealthiest. However, using the GDP per capita may provide a more accurate picture because it takes the GDP and divides it by the population to show the prosperity of the country. (Amadeo, 2014)
Australia was considered “the happiest industrialized country in 2013” by the OECD Better Life Index whic...

... middle of paper ...

...B. (2005). The competitive advantage of india. (Master's thesis)Retrieved from http://csi.gsb.stanford.edu/the-competitive-advantage-of_india
Rupee's journey since indendence: Down by 65 times against dollar. (2013). The Economic Times. Retrieved from http://articles.economictimes.indiatimes.com/2013-08-24/news/41444029_1_indian-rupee-american-currency-continued-dollar-demand
The World Bank: Data Bank. (2014). Explore . Create . Share. Retrieved January 26, 2014 from http://databank.worldbank.org/data/views/reports/tableview.aspx
The World Fact Book (2014) Central Intelligence Agency. Retrieved January 27, 2014 from: https://www.cia.gov/library/publications/the-world-factbook/geos/in.html
Wall Street Journal (2013). Australia Tops 'Better Life' List. Retrieved February 9, 2014, from http://online.wsj.com/news/articles/SB10001424127887323855804578508554126690568

Show More
Related

  • Social Disadvantages Of Indigenous People

    1541 Words  | 4 Pages

    According to Australian indigenous website, healthinfoNet, in 2010-2012 life expectancy of indigenous people were 69 years which is 11 years less than the 80 years expected for the non- indigenous men and women. Moreover, the life expectancy for native women was 73 years, during 2010-2012, which is 9.5 years less than the expectation of 83 years for non-Indigenous women. The reason for decreased health can be due to deficiencies in water supply, sanitation and lack of proper medical services.

    Read More

  • Does Personality Correlate With Subjective Well-Being?

    1331 Words  | 3 Pages

    much as “Variable” economic factors and more strongly predicts changes to life satisfaction. Social Indicators Research, 111(1), 287-305. doi:10.1007/s11205-012-0006-z

    Read More

  • Industrial Revolution Life Expectancy

    360 Words  | 1 Pages

    Life expectancy in many parts of the world has increased since 1800 (Life Expectancy by Age, n.d). To understand these changes we can study the demographic transition, the changes in birth and death rates over extended periods of time. The industrial revolution has significantly improved the conditions of humans and in 20th century death rates declined but the birth rates remained unchanged. In many of today’s developed countries both rates have declined; however, in developing countries, while death rates have declined due the improvements of living conditions, the birth rates are still high which has caused a record high population growth (HAUB & GRIBBLE, 2011).

    Read More

  • Does Money Buy Happiness?, by Don Peck and Ross Douthat

    1373 Words  | 3 Pages

    One reason described to be a cause of happiness is income. Don Peck and Ross Douthat indicate how, “National income appears to be one of the best single predictors of overall well-being, explaining perhaps 40 percent of the difference in contentment among nations” (352). With this statement, comes the explanation of how income can influence happiness in adults who strive to earn a living. Research illustrates how, “For individual countries, with few exceptions, self-reported happiness has increased as incomes have risen” (Douthat 352). While these two statements provide sufficient evidence for the reason of income bringing happiness, income itself is not relevant.

    Read More

  • Economic Conditions of the Australian Economy

    661 Words  | 2 Pages

    This economic growth continued to increase through ‘98 and ‘99, partly being attributed to the weakening Australian dollar that allowed for the opening up and increasing market shares held by Australian exports on world markets. This was the case, as the reduction in the Australian dollar’s value, triggered decreases in the prices of our exports for foreign buyers, thereby increasing demand for our products and increasing the amount of money and investments coming into Australia. This therefore resulting in the aforementioned increases economic growth when combined with the high levels of employment and consumer confidence.

    Read More

  • Determinants Of Health Essay

    750 Words  | 2 Pages

    In a worldwide comparison of health status we can observe that, despite the fact that the USA leads the ranking on health expenditure, this do not translate into a better health for the US population. In fact, when comparing health indicators, not only US does not rank among the best, but for most all of the important health indicators measured (life expectance, child mortality, as examples) the US is bellow the average of those indicator among the most affluent industrialized nations.

    Read More

  • Comparing Standard of Living and Quality of Life Between Countries Using GDP

    827 Words  | 2 Pages

    Whether total or per capita, GDP figures are a very useful indicator of a countries SoL but only look at a single material dimension, that of income, output, or expenditure. They are not an explicit or accurate measure and do not incorporate the non-material and non-quantifiable dimension to SoL.

    Read More

  • The Biomedical Model And Social Model Of Health

    1176 Words  | 3 Pages

    Current research suggests the countries with the smallest income differences have the best health status rather than the richest countries. Where income differences remain great, as in this country, health inequalities will persist. For example: Children in the lowest social class are five times more likely to die from an accident than those in the top social class, Infant mortality rates are highest among the lowest social

    Read More

  • Why Canada is a Great Place to Live

    388 Words  | 1 Pages

    place to live in. Life expectancy increased in Canada due to improvement. in public health, modern medicine and nutrition. Canadians are more aware of their health and how to maintain a better quality of life by eating right, exercising and regular medical assessments. Canada is leading in these because our nation demands good quality, this is seen.

    Read More

  • In Vitro Fertilization Argumentative Essay

    1573 Words  | 4 Pages

    While many countries such as Japan and Germany worry about a falling birth rate and an aging population other countries such as China and India are trying to increase the life expectancy of their people and reduce birth rates.

    Read More

  • The Role of Traditional Birth Attendants in the Reduction of Maternal Mortality

    2591 Words  | 6 Pages

    United Nations, (2013) the millennium development goals report 2013 [ONLINE] United Nations. Available at: http://www.un.org/en/development/desa/publications/mdgs-report-2013.html [Accessed on 26 December 2013]

    Read More

  • Factors That Contribute To Economic Growth

    1280 Words  | 3 Pages

    In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.

    Read More

  • Macroeconomic Objectives Essay

    1754 Words  | 4 Pages

    Macroeconomics is the study of the economy as a whole, which looks at economic growth, unemployment and inflation. (Dobson and Palfreman, 1999) Government macroeconomics objectives can dividend into

    Read More

  • Economic Growth Essay

    700 Words  | 2 Pages

    Economic growth is one of the most important fields in economics. In current generation economic is developing well. Economic growth is really important to country and for the world as well. Economic are one of the identity for country because it shows a country development and attraction for other countries (F, Peter. 2014). For example well economic develop such as Singapore, Dubai, New York, and Japan. These countries are well develop and maintaining their economic growths. Economic growths are really important because higher average incomes enables consumers to enjoy more goods and services. Then, lower unemployment with higher output and positive economic growth firms tend to utilize more workers creating more employment. Enhanced public

    Read More

  • Nigeria Economic Development

    1076 Words  | 3 Pages

    Economic development typically involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. Due to the fact that GDP alone does not take into account other aspects such as leisure time, environmental quality, freedom, or social justice; alternative measures of economic well-being have been proposed. Essentially, a country’s economic development is related to its human development, which encompasses, among other things, health and education. These factors are, however, closely related to economic growth so that development and growth often go together.

    Read More

More about Comparing the Economic Power of India and Australia

Open Document