How do you feel about the forecast that China will overtake the US as the world's largest economy in this decade?

Economics is no different. Economists use many abbreviations. **One of the most common is GDP, which stands for gross domestic product. [...] It has become widely used as a reference point for the health of national and global economies//. When GDP is growing, especially if inflation is not a problem, workers and businesses are generally better off than when it is not.

Gross Domestic Product: An Economy’s All- International Monetary Fund

GDP is an accurate indicator of the size of an economy and the GDP growth rate is probably the single best indicator of economic growth, while GDP per capita has a close correlation with the trend in living standards over time.

[The Importance of GDP- Investopedia](The Importance of GDP )

Gross domestic product is the best way to measure economic growth. It takes into account the country's entire economic output. It includes all goods and services that businesses in the country produce for sale. It doesn't matter whether they are sold domestically or overseas.

Economic Growth, Its Measurements, Causes, and Effects- The Balance

With regards to GDP per capita:

The generally accepted measure of the standard of living is GDP per capita. This is a nation's gross domestic product divided by its population. The GDP is the total output of goods and services produced in a year by everyone within the country's borders.

Standard of Living- The Balance

When economists talk about the standard of living, they are referring to the average quantity (and quality) of goods and services that people in a country can afford to consume. Since real GDP measures the quantity of goods and services produced, it is common to use GDP per capita, that is real GDP divided by population, as a measure of economic welfare or standard of living in a nation.

GDP and Standard of Living- Lumen Learning

It would really help if you would educate yourself first before commenting.

China and the USSR are... literally in no way comparable to social democracies. Like, not even remotely. Why on earth would you lump those into a “leftist” bucket along with Finland, or Denmark?

Because the topic isn't socdems- you specifically brought up "left-wing policies". Left-wing policies isn't just universal healthcare, progressive taxation and strong workers' rights- it also includes full-on socialist policies like central planning.

It's a broad term that encompasses alot of things, that's why I disagree that ceteris paribus, left-wing policies grow economies better than say, fiscal conservatism. I don't support fiscal conservatism, but let's not pretend that deregulation, free trade and tax cuts don't grow economies.

/r/AskALiberal Thread Parent