Question

What are a few of the best alternatives to GDP, that economists use to evaluate human well being?

Answer 1

GDP has always it's downsides where some of the best alternative that economists measure for well weing is

1) Unemployment rate where the less the unemployment more the levels of sufficiency with which more would be the happiness levels

2) Income inequality where if income inequality is less, then equitable distribution is possible with which happiness would be more

3) GDP per capita where if a country has high GDP and high population, it doesn't necessarily mean the country is wealthy where GDP per capita plays a major role

4) Happiness Index is also a measure to determine how happy the average person of a country is.