Is GDP a good measure of national economic well being?

This weeks discussion topic is about Gross Domestic Product (GDP), Per Capita GDP and Quality of Life. GDP is the market value of all final goods and services produced in an economy in a year. Per Capita GDP is GDP/Population and shows how much of total GDP is theoretically available to each individual in the society. Per Capita GDP is the normal measure of Standard of Living when comparing nations.
Quality of Life has no standard definition. It is broader concept that attempts to embrace the multitude of variables that make people happy. There are many measures of it, but all include GDP and/or Per Capita GDP.
The ultimate question for this week is: Is GDP a good measure of national economic well being?
Part of answering that question is a consideration of whether economic well being for the nation is the same as quality of life for the individual? If not, how would you measure quality of life for the individual?
Assignment Summary:
Review the concept and details of computing GDP ( GDP.pptx
GDP.pptx – Alternative Formats
)
Read the section in Chapter 23 in your textbook: “Is GDP a Good Measure of Economic Well-Being?” and the section “International Differences in GDP and Quality of Life” (pages 480-482).
Read the Quality of Life Index Article ( Quality of Life.pdf
Quality of Life.pdf – Alternative Formats
You may want do an internet search for other well being measures such as the “happiness index” or the “economic freedom” index. These indexes will deepen your understanding of this weeks topic.

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