Ways due to which GDP is not a perfect measures of well
being:
It does not capture inflation rate. As Growth rate of nominal
GDP = Growth rate of real GDP + Inflation rate. Growth rate of real
GDP captures the increase in purchasing capacity.
Degradation of Environment: We do not capture the degradation
of environment due to increase in production process which means
nominal growth of GDP is not sustainable development.
HDI: It does not take into account whether people are happy or
not, whether they are literate, whether they are healthy and have a
good standard of living etc.