Significance of GDP to Wealth and Wellbeing - UK Essays.
However, since GDP is used as a measure of people’s well being there needs to be more incorporation of quality of life factors that go beyond measuring output. These factors include health, education, political voice, social interaction and the environment (Stiglitz et al, 2010).
Executive Summary. GDP was not designed to assess welfare or the well being of citizens. It was designed to measure production capacity and economic growth.
The problem with GDP from benefits. heading of economic acti speech, Robert F. Kennedy eloquently explained the shortcomings of increasing GDP indic depends on outweigh but At the individual level, e wellbeing, surpris the “disutility” of production and consumption net drain on health and happiness GDP also has nothing to say about how income.
GDP is an important indicator not least because it reflects the productivity of an economy and we should not ignore it when assessing the standard of living. But material welfare is not the same as economic and social well-being.
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Zimbabwe has been chosen for this report because of its unique position in the Human Development Index Report of 2010 (United Nations Development Programme, 2010). The country was ranked last. 2010 rank HDI. Characteristically, Norway has always been on the top while several African states, including Zimbabwe occupy the bottom ten positions.
Being clear about the difference is important for working out what to measure in future. Kuznets lost the argument about measuring social welfare over economic activity back in the 1930s. Now it’s time to put these two concepts in the balance again, not least because so many critics of GDP fault it for not measuring well-being.