Summary: Global Sustainability

Read the summary and the most important questions on Global Sustainability

• 1 redifining economics

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• What are 4 factors of the expanded system of work?

  - all works are interrelated
  - false independence between market and domestic/care spheres
  - capitalist production shifts costs to domestic/sphere since firms pay to labour force below their cost of reproduction 
  - tension caused by the distribution between benefits and wages

• What is the difference between work and employment?

  Work: physical or mental activities with the objective to produce goods and services that meet human needs
  employment: specific type of work that is done under commercial relationships and exchanged for money

• What is the aim of domestic care work?

  To carry out activites aimed at raising and maintaining healthy people, with emotional stability

• What is the expanded system of work?

  The inclusion of non-monetary economy in the economic systems

• What are the three related, non-independent dimensions of sustainability of human life?

  1. Economic dimension
  - economic sustainability implies a short and long term balance between production, consumption and investment
  2. Environmental dimension
  - it refers to the capacity of society to live and develop without endangering the lifes of future generations
  3. Social/cultural dimension
  - it involves a cohesive society, with an equitable distribution of times, works, where all people can enjoy adequate living conditions

• 2 GDP and beyond

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• What are the limitations of the construction of the GDP? (3 questions)

  What does it include?
  - products produced (education vs guns)
  Which prices are used?
  - price of a coat made with snake skin or cotton
  How is it distributed?
  - Two countries with the same GDP but different life expectancy, education level, income distribution

• What are the limitations of the GDP regarding its omissions? (5)

  - environmental degradations
  - self-consumption
  - submerged and non-legal economy
  - community work
  - household production

• What is the "beyond GDP" initiative?

  It is about developing indicators that are as clear and appealing as GDP, but more inclusive of environmental and social aspects of progress

• Describe the central framework of national accounts (4)

  - economy is a close system
  - accountancy information according to a T system
  - consolidated and balanced information according a matrix format:
  

  • input-output framework:
  •   supply and use tables
  •   input-output tables

  - Macro-magnitudes: GDP, consumption, investments
            

• Describe satellite accounts of national accounts (3)

  - economy is an open system
  - information is organized following the structure of central framework
  - combination of different units of measurement (money, physical, time)