Question

• Is GDP per capita a good measure of a country's standard of living? Is GDP a good measure of a countries wellbeing? How should a country’s well being be measured?
• What are your suggestions to boost the long run economic growth and living standards in the US?

Answer 1

GDP in simple terms can be defined as production of final goods and services within the boundary of a country in a financial year .

I is measured on the quarterly basis also .

it is used all over the world for calculating the economic growth but many Economics do not consider it as a good option for measurinh  of healthy for any economy because it lacks so many important factors like carbon footprint ,happiness index, Gini coefficient etc.

which are considered to be good factor to calculate the overall performance of an economy .

say for example Gini coefficient which measure the inequality of the income in economy .

India which has a GDP quite attractive of round $2.4 trillion but the distribution of income is not good because top one percent people holds around 60% of total wealth.

so GDP from outer look very good for India but inside the scene is different.

similarly other factors are also important so these all fa tors also must be considered by the United States for economic well being in the long run