Thread started: Jan 22 2008, 6:13 PM EST
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My question for you guys is, what's so special about GDP? This monetary measure says nothing about so many indicators of humans' actual well-being, like education, health, distribution of income, the environment, crime rates, divorce rates, and so on. Why do economists use such a narrow figure to measure the well-being of entire nations, when the figure obviously lacks so much information about how happy people really are?
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RE: Is GDP really a good measure of well-being?
By: ,
Dec 19 2008, 7:03 AM EST
India, has 1 billion people, its GDP will be very high. This does not mean people in India have a good standard of living, or are well off. A much better indication of well-being is GDP per capita. This indicates on average how much each person is producing. Countries like switzerland might have a low GDP but an extremely high GDP per capita.
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