Discussion Peer Review

I’m stuck on a Economics question and need an explanation.

Questions answered in the peer review.

  1. In 1991, Japanese workers’ average tenure with a firm was 10.9 years; in 1991 in the United States, the average tenure of workers was 6.7 years.
    • What are the two possible explanations for these differences?
    • Which system is better?
    • In the mid-1990s, Japan experienced a recession while the U.S. economy grew. What effect did this likely have on these ratios?
  2. If society’s goal is to make people happier, and higher GDP isn’t closely associated with being happier, why do economists even talk about GDP? In the early 2000s, some people, part of a renewed “Simplicity Movement,” felt that accumulating material things reduced their happiness. Assuming they are truly happier with fewer material goods, what does this suggest about the connection between GDP and welfare?

Your Task: Read the posting of your colleagues to further the discussion. Simply saying “I agree, great point, etc” is not a sufficient peer review. You must discuss your peer’s argument with detailed evidence (include citations). (minimum of 100 words)

  • Please note! Friendly greetings and compliments are not included in the word count.
  • Discussions and responses must show evidence of knowledge of facts pertaining to the issues being discussed and must attempt to apply the economic terms, ideas, and theories.