How specifically can gdp be adjusted

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Reference no: EM139309

Q. Although economists routinely use Gross Domestic Product (GDP) and other national income and product statistics in their research, there is debate among economists about the appropriateness of GDP as a measure of well-being-and even disputes about whether or not we are really better off if we have more goods and services. Answer these (in no less than 200 total words) three questions:

1. Is GDP a good measure of our economic well-being? Elucidate.

2. Should GDP take into account environmental issues, distributional issues, and health and welfare issues? Elucidate.

3. Explain how specifically can GDP be adjusted to better measure well-being?

Reference no: EM139309

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