TITLE:
GDP and Human Development
AUTHORS:
Gordon Bechtel, Timothy Bechtel
KEYWORDS:
Bottom-Up Capitalism, GDP Contraction, GDP per Capata, Global Data Science, Goodness of Fit, Internal Consistency, Linear and Iso-Elastic Models, Post-Pandemic Era, Real (vs Random) Variables
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.8 No.11,
November
30,
2020
ABSTRACT: Bechtel
(2018, 2019) linked gross domestic product (GDP) to the United Nation’s Human
Development Index (HDI). Bechtel, G. and Bechtel, T., 2020 then found that
American GDP alone predicted HDI. These results induce the hypotheses that two
transforms of GDP perfectly predict a
new index of HDI-attenuated GDP (W) introduced here. These hypotheses
are confirmed at the global level and for the United States and China, the
world’s two largest economies. These discoveries inform the debate on
well-being and show that W can be computed from GDP without survey
sampling, questionnaire interrogation, probabilistic inference, or significance
testing. In view of trade-war and COVID-19 shocks to the global and national
economies, international attention to GDP and human development is now
compelling.