Question

Is GDP a good measure for the general welfare or standard of living in a country?...

Is GDP a good measure for the general welfare or standard of living in a country? Explain why or why not?

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Answer #1

No, GDP is not a good measure for calculating the general standard of living in the nation, there are few reasons for that.

  • GDP doesn't measure the distress we are causing to the environment for the developmental goals. It is possible that the GDP is increasing but the environment is deteriorating because of it, decreasing the standard of living.
  • It does not measure the charity or transfer payment that is used sometimes to increase the standard of living and it also does not calculate the free services done.
  • GDP is not a good measure for calculating the income inequality and that have huge effect on the standard of living in the nation.
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