Economic wealfare in n european country

Class project
1. Pick a country in the European Community.

2. Plot, for at least the last decade, annual estimates of
` a) Real GDP per capita
b) Real GDP per employed person
c) Real GDP perhour worked
d) Employment rate
e) Employment per capita
f) Hours worked per employed person

3. Discuss how well these six estimates measure welfare, the extent to which they give similar ordifferent conclusions about welfare, and why their conclusions are similar or different.

500 – 1000 words is a rough measure of the scope of the project.
Due, as an email attachment, tow.sjostrom@ucc.ie, by Thursday, 31 March 2011. Ensure that the project has names and student numbers of all the participants.

In the following table, we present the economic data for Spain from 1999 to2009.

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Real GDP per capita 29005 30215 30966 31346 31786 32296 32918 33721 34295 34044 32565
Real GDP per employed person 69759 70812
7113271483 71451
71313 71022 70978 71300 72247 74616

Real GDP per hour worked 42.81
42.84
43.14
43.41
43.78
44.09
44.46
44.83 45.59 45.96
47.27

Employment rate 16.60 17.18
17.7318.12 18.69
19.33
20.12 20.94 21.58 21.48
20.05

Employment per capita
Hours worked per employed person 1629 1653
1649 1647 1632 1618 1597 1583 1564 1572 1579

Gross domesticproduct (GDP) is the market value of goods and services produced by labor and capital in a country, regardless of nationality. As such, it is the most comprehensive measure of a country's economicoutput that is generally estimated by statistical agencies.
GDP per capita is calculated as GDP divided by population and is a rough measure of a population's economic well being. (See table 1.) However,this measure may have the following limitations: The total production of a country consists of many things that are not included in its GDP, and some items included may not contribute to a country's...