Economists often use the trend in real GDP per capita as a rough proxy for the trend in overall welfare. If this ratio is rising Canadians, in general, are probably getting better off. It is an incomplete measure of welfare, but in the absence of some other readily available and timely overall indicator, real GDP per capita continues to rule the roost.
We should remember that there have been major shifts over the time period shown:
Imports/capita ($K) are more than 5 times higher than 1972. In the 20s, we had the advent of China as manufacturer to the world. This does change domestic productivity,
There has been a major shift to knowledge-based industries with difficult-to-measure output.
An aging population means that an increasing share of GDP is necessarily devoted to public health and social care with value to society not appropriately measured
We should remember that there have been major shifts over the time period shown:
Imports/capita ($K) are more than 5 times higher than 1972. In the 20s, we had the advent of China as manufacturer to the world. This does change domestic productivity,
There has been a major shift to knowledge-based industries with difficult-to-measure output.
An aging population means that an increasing share of GDP is necessarily devoted to public health and social care with value to society not appropriately measured
Another great post, can't thank you enough for sharing your work and knowledge
Thanks Philip - as an interested layperson, I really appreciate your careful and illuminating analysis.