Explain what you believe is the biggest problem with gdp

Reference no: EM133376933

Question: Gross Domestic Product is one of the most commonly referenced measures of the success of an economy. It represents the product, the income, and the spending in an economy. Despite its usefulness and popularity, it is far from a perfect measure. In this discussion we are going to look into some of the problems with GDP.

Part 1: One problem with GDP is that it doesn't capture work we do for ourselves or trades we make which don't involve a monetary transaction. I would like you to share one example from your own life of you doing something for yourself or in exchange with someone else which would not be included in GDP. i.e. growing your own food, fixing a friends car, free tutoring you provided, babysitting, etc.

Part 2: Watch the two videos linked below. After watching these videos, I would like for you to explain what you believe is the biggest problem with GDP. Also, what do you think we could do to fix or reduce this problem in some way?

Reference no: EM133376933

Questions Cloud

Provide cost and benefit analysis for your idea : Provide a cost/benefit analysis for your idea. Make sure to mention any sunk or opportunity costs involved in the implementation of this program

Chronological history of bata india industrial relations : Examine and analyze the chronological history of Bata India's Industrial Relations?

What is bank of canada inflation target for consumer price : what is Bank of Canada's inflation target for consumer prices? What did CPI inflation decline to in December? What does the Bank of Canada expect core inflation

Performance appraisal process in the regional office : What do you think is the major problem with the performance appraisal process in the regional office?

Explain what you believe is the biggest problem with gdp : explain what you believe is the biggest problem with GDP. Also, what do you think we could do to fix or reduce this problem in some way?

Labour unions are planning to oppose job cuts : Labour unions to fight ArcelorMittal SA's retrenchments Business Report writes that angry labour unions are planning to oppose job cuts

Outline personal career plan for next couple of decades : Outline your personal career plan for the next couple of decades. Identify the stages, as you foresee them, particular to your desired professional field.

Why does the conservative leader feel its wrong to increase : Why does the Conservative leader feel it's wrong to increase interest rates? According to the Conservative leader, what tax is responsible for inflation

What arguments could be given from Virtue Ethics : What arguments could be given from Virtue Ethics to defend that we should or should not give money to charity?

User Account

All Pages