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Dear L1 students, so I'm going
to make a very short summary of

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all the things we discussed last time.

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So last time we started our new
chapter which is the GDP and we

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explained why the GDP is very
important.

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So GDP we said is the domestic
product it means it is very often

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opposed to GNP.

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Gross domestic product last time
I defined it as referring to all

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the wealth produced in a country
at a given period and GNP is all

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the wealth produced by the nationals
of a country at a given period.

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And we saw that there are different
types of calculating the GDP.

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You have the output measure,
you have the expenditure measure

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and you also have the income measure
which is what the Americans tend to look at more.

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So we also learned that in the
UK the body, the institution in

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charge with collecting and releasing
the figures of the GDP is the ONS

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which stands for which stands for
Office for National Statistics

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and the GDP figures are released

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every three So you have a flash
estimate it means that it takes

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time to have an accurate measure

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and so they give a fast estimate
what is called a fast estimate

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so it means that a fast estimate
is very likely to change with time

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and sometimes it can change after
two years after the release.

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So this is what we saw.

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We saw that it was very important
for the banks so that they could

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fix the interest rates.

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It was very important for organisations
like the OECD.

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It was very important for even
for the EU because the budget of

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the EU is decided depending on the
GDP of each member So the higher

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your GDP the more your contribution
will be for the functioning of the EU.

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So this is roughly what we saw
last week.

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I'm going to add more details now
I'm going to tell you that we have

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to keep in mind that the GDP is
not an accurate measure because

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lots of things are not taken into
consideration in terms for example

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of health, in terms of environment
in terms of volunteer jobs is not

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considered so it seems that lots
of inequalities are not taken into

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consideration when it comes to the GDP.

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If we think about what happened
recently in the United States I'm

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going to take here a very specific
case in the United under the presidency of

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Trump the GDP was very good the
GDP was very good and employment

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was very low and to the point that
if we limited ourselves to the

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figure that was given for the GDP
we would have thought that everything

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was perfect but what was hidden
behind this situation was that

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there were lots of precarious jobs
people were in jobs they were kind

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of forced to do and they had lots
of part-time jobs which meant that

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very low salary they had to work
many hours just to have decent

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salaries so these are things for
example that are not taken into

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consideration in the GDP and this 
is what I have here in one of the

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texts in the document I sent you
I sent you lots of documents this

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is what we have in a text page
21 with the title why GDP is a

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terrible metric for success and
wealth so it is very clearly explained

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here in this text that lots of
things are kept hidden with the

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GDP the other task I'm going to

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give you I'm giving you this week
of course is I'm asking you to

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sum up each paragraph into one
sentence and for that I'm going

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to show you the technique I use
for this one, summary, to sum up

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a paragraph into one sentence what
I usually do I try to focus on

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the first sentence as I told you
before because the first sentence

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is always the most important one
it is what we call the topic sentence

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okay and sometimes I have to focus
on the first one sometimes on the

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first and the second one so what
I'm going to ask you I'm going

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to you go ask you to go step by
step you will have to read this

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document on page 21 and you will
have to focus on the keywords of

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this first sentence or these two
first sentences, the keywords what

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I mean by the keywords are the
key the words we absolutely need

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to understand what the sentence
is about normally you should find something

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like three or four maximum words
that you are going to highlight

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so you do it for the whole text
you focus just on the first and

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second sentence and each time you
will have to pick up or to highlight

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between three or four words they
are the words we absolutely need

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to understand the the sentence
once you've done that you copy

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we have to copy these words on a piece
of paper and then put the whole

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document aside and keep just the
piece of paper on which is written

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all the keywords and from the keywords
you have written on this paper

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you will have to reformulate each
paragraph in your own words okay

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it's very important that you do
this because that will help you

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a lot for your assessment that
is coming very soon thank you very

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much see you next week