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Gross Domestic Product is often used as a measure of economic well-being. Do you think this...

Gross Domestic Product is often used as a measure of economic well-being. Do you think this is a good measure? Why or why not? What would you use as a measure instead or how would you revise the definition of GDP to make a better measure of well-being? Answer with explanation and detail.

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Answer #1

GDP is a measure of economic growth and not economic well being. GDP is a quantitative measure that measures the market value of all goods and services produced wihtin the domestic boundary of a country in a given year. It meaures how robust or rich an economy is.

But economic well being depends on the distribution of GDP or you can say GDP per person which is ratio of GDP and population of a country.

If gDP per capita is high, it means on an average a person has good incoem and economy is well being.

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