Reference no: EM132177046
Can you Provide a brief description of the general performance of the output of goods and services produced in the United States during periods of recessions (from 1980 to 2009).
Describe the performance of the economy during the Great Recession of 2007 to 2009 (Hint: focus your discussion on the following economic indicators: unemployment rates, incomes, profits, financial markets, real estate market etc.).
Provide a general description of the performance of real GDP per capita from 1977 to 2018.
Most Economists, Policymakers, Social Scientists, and Business Analysts use a country's real GDP per capita as the main indicator of the average person's standard of living in that country.
Robert Kennedy expressed his disagreement with the over-reliance on the use of GDP per capita with the following comments:
Gross Domestic Product, he argues "... does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our courage, nor our wisdom, nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America except why we are proud that we are Americans" (1968, para. 23).
Do you agree or disagree with the late Robert Kennedy's assessment of the importance of GDP per capita in determining the standard of living? Provide reasons to support your position.