Question

GDP and Economic Growth

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Respond to the following prompts in a post with a minimum of 150 words, then comment on at least TWO other posts.

• Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms). What are the shortcomings of using GDP as a measure of economic welfare? What would you like to add to (or subtract from) GDP to make it a better reflection of how well people are doing in a nation? Don’t limit yourself to ideas from the module.

Answer 1