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| Page 207 If spending on education were included as investment, then Canada’s total capital stock would have to be redefined to include the income-earning potential of education, known as human capital. Page 212 Because PPP-adjustment raises the value of Canada’s per capita GDP, prices in Canada are lower in the United States. Taking the difference in the price levels in the two countries into account, the actual purchasing power of Canadians’ incomes (as shown by PPP-adjusted per capita GDP) is higher than is apparent from per capita GDP in unadjusted US dollars. Page 213 Those economists who disagree with broad indicators of well-being, such as the GPI, argue their calculation includes many subjective elements that are open to disagreement. For example, what wage rate should be used to value the unpaid work of homemakers? How valuable is a relatively equitable distribution of income to society as a whole? And what monetary value should be attached to “natural capital” such as forests and the marine environment? |