Economists in the House
I was home and bored, so I decided to just do my thing on the internet (Research about the World Economy). Then I got a part of the public debts of countries around the world, and I learnt lot of interesting points.

1. Most of the developed economy around the world are in red, meaning they are in high debt (running on credit)- abt 70% of their economies. Most countries of the EU are indebted. US, UK, Germany, even Canada have a public debt of abt 60% of their GDP.
2. The so called BRIC economy too are now the trend of increasing their public debt.
3. To my surprise, the giant economic players in Africa are still in good economic standing. Nigeria, South Africa, Ghana and Kenya are still less than 40%.

My Conclusion
With my understanding of economics (although I am not an economist), the definition of GDP in the simple truth is the amount of money been spent in the economy of the country either its borrowed or earned.

My Question
1. Is the measure of GDP the true value of an economy?
2. Doesn't high debt or rate of borrowing mean that an economy is becoming less productive.
3. In ur different opinion, what should be the true measure of a good economy.

Reference:
http://upload.wikimedia.org/wikipedia/commons/3/35/Public_debt_percent_gdp_world_map.PNG
http://en.wikipedia.org/wiki/List_of_countries_by_public_debt

i dnt knw eitha,bt 1st 2 comment

A good economy can be measured by the quality of life its citizens are living.

You'll observe that people living in these countries on the list are living good lives. Unlike those in countries with low debt.