₦airaland Forum

omonnakoda:
You are predictable
I just wanted to hear you say that

You say I am ignorant OK let us explore that

According to you the California economy is WORTH XYZ

That word worth means it can be sold and purchased for the figure you quoted
No the California economy is NOT fungible

The reality is that The main issue economists are interested in comparing is OUTPUT not WORTH
Output e.g refers to the aggregate of how many cups of tea and haircuts and so on are produced and paid for
When economic output is compared across countries using the GDP this is only indicative

The dollar is NOT our currency in Africa and so when comparing economies you must be familiar with the concept of purchasing power parity . If you are not then you have no clue what you are talking about Comparing economies based on currency exchange rate is fallacious
.
Let me use ONE example

HAIRCUTS
I do not know how many are consumed in California each year but the aggregate contributes to GDP
A haircut in California on average is above $50 . How many Africans pay more than the exchange rate value of $1 for a haircut? Does that mean there are no haircuts in Africa or that a haircut in California is different from one in Sapele?

The same argument applies to Rent, a taxi ride, or a visit to the dentist.

So the comparison even with PPP adjustment is indicative
It does not justify statements like

The economy of California is bigger than that of Africa

Here we see on display the undergrad mindset. You know a little and you think you know it all going around calling people ignorant.

How many Californians died from COVID with their population of 11 million compared to Africa of over 1 billion when adjusted . A lot more in California with about 100k compared to Africa 250k

DO not think because you have Google and can check GDP you are now an economist
Africa feeds over 1 billion people each year there is no way California can handle that so educate yourself and learn some humility

You do not know half as much as you think you do
We are not as advanced as California yes but that also means that we cannot record out put in the same way. There is so much economic activity in Africa that is not measured but 1 billion people is no joke

Often you hear

Living on less that $1 a day . Is that really possible? What that tells you is it is a meaningless comparison
How much is beer in California compared to Nigeria

Hey have you tried haircuts in New York? Go and try yourselve in https://sohonycbarbers.com/