It is one of the first statistics you will encounter in an economics class. Gross domestic product per capita, the size of the economy divided by population, is the go-to data point for comparing living standards and prosperity across countries and over time.
It is one of the first statistics you will encounter in an economics class. Gross domestic product per capita, the size of the economy divided by population, is the go-to data point for comparing living standards and prosperity across countries and over time.
Yet as the world ages, GDP per capita is becoming less useful. The simple reason is that gross domestic product is the market value of all the goods and services produced in a year. Those no longer in the workforce, for the most part, are no longer contributing to this.
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