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Do you believe that there is a better measure of a country’s economic strength that we...

Do you believe that there is a better measure of a country’s economic strength that we should also use (in addition to GDP)? Explain your answer. If you don’t think there is, explain why.

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Answer #1

GDP is direct measure of a countries output in terms of current price in a year but lacks measurement of health, justice, crime, poverty, happiness, income gap, living standards etc. There are other measures which would try to cover the aspects which GDP fails to address like,

Fordhan Index of Social Health - measures socio economic indicators like poverty, health, unemployment
Genuine Progress Indicator - measures people quality of life
United nations Human Development Index - measures impact of growth on people than economy
Gross Sustainable Development Product - measures the cost of growth and development
Gross Environmental Sustainable Development Index - measures the quality of growth and development

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