How gdp is the best measure of living standard

Assignment Help Macroeconomics

Reference no: EM13192635

Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic product (GDP) when they want an estimate of how well off people are. By how much are Americans better off than Indians, or than their parents' generation? Chances are the answer will start with GDP.

GDP is really a measure of an economy's output, valued at market prices (to the extent that you have them). As societies produce more, and therefore earn more, their material well-being rises. So it is no surprise that so many economists and official statisticians broadly accept GDP as a measure of living standard s.

Do you think GDP is the best measure of living standard? Why? Why not? Briefly discuss.

Reference no: EM13192635

Questions Cloud

How many weigh more than 200 pounds : On Team C, 82.5% of the football players weigh more than 200 pounds. If 40 men are on the team, how many weigh more than 200 pounds?

Choose two dimensions to plug into your formula : When John, decided to renovate his garage, he also wanted to attach it to his house. The only one wall that was available to achieve this was the kitchen wall.

About what part of the year do they attend school : Some students attend school 180 of the 365 days in a year. About what part of the year do they attend school?

What is the minimum number of boards : A student has an assignment to cut three size of cardboards: x=3 inches, y=5 inches, and z=9 inches. He must have 25 pieces of x, 20 pieces of y, and 15 pieces of z. The bookstore sells only one size of cardboard which is 17 inches. What is the mi..

How gdp is the best measure of living standard : Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic produc..

Find the amount of medicine : Find the amount of medicine to which a body is most sensitive by finding the value of M that maximizes the derivative dR/DM where R = M^2(c/2 - M/3) and C is a constant. How is this related to Mathematics

State lewis dot structure and identify molecule shape : Lewis Dot structure and identify molecule shape, the hybridization on the central atom, and whether the molecule is polar or non

How many textbooks of each type were sold : A textbook store sold a combined total of biology and sociology textbooks in a week. The number of biology textbooks sold was two times the number of sociology textbooks sold. How many textbooks of each type were sold.

Mini-case scenarios involve ethical dilemmas : Each of the following six mini-case scenarios involve ethical dilemmas associated with project management. How would you respond to each situation, and why?

User Account

All Pages