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Discus why GDP is not a good measure of economic well being and recommend what specific...

Discus why GDP is not a good measure of economic well being and recommend what specific alternative should be used instead.

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Answer #1

GDP only considers the final value of goods and services produced in an economy.GDP can be high even with high income inequality.It does not consider the quality of life and other social indicators which makes life better.It does not take into account the changes in environment.Thus,it is not an efficient indicator.

HDI is a better measure because along with income,it takes life expectancy and literecy rate into consideration.PQLI is also a good indicator for economic well being.

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