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Pages 7 (1757 words)
Is Gross Domestic Product (GDP) a good measure of wealth and well-being? Contents Contents 2 Introduction 3 GDP as an economic indicator 3 Defects in GDP as a measure of the well-being of the economy 4 Subjective well-being of the nation 6 Alternative Measures of Economic wellbeing 6 Conclusion 7 References 9 Bibliography 10 Introduction The Gross Domestic Product of a country is the sum of the market values of all the goods and services that are produced during a given span of time.
The opinion of economists have varied on this issue regarding the considerable of the GDP is the appropriate measure to understand the well-being of the nation. While most of the economists have relied on this economic indicator as the main determinant of the standard of living, the others have differed stating that the other intangible and tangible factors like education, health as well as ecological environment to be important factors as well. Simon Kuznets who framed the term GDP even warned that the measure is not an appropriate indicator of the well-being of the nation (Kuznets, 1934). Thus is clear that the GDP was never devised to measure the well-being of nations. With the occurrence of the Bretton Woods conference this measure started being used widely in most of the nations of the world since 1944. GDP as an economic indicator The Gross Domestic Product of a country is the sum of the goods and services of the country taken at the market value. In order to understand the concept of GDP it is important to know how the GDP of a nation is arrived at (Landefeld, 2008). There are a variety of ways in which the GDP of a country can be measured. ...
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