Illustrate what does gdp income leave out

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Reference no: EM1355767

One of the fundamental objectives of macroeconomists is to explain why some countries grow, while others do not. This is also an area of interest for development economists, who seek to determine the "secret ingredients" of growth. When we speak of "growth", we're referring, of course, to income growth; and as we've seen, so far, income growth is roughly synonymous with production growth, and both of these are represented by GDP.

Do you believe income/ production is a good measure of well-being? As a goal for development and as a measure of national well-being, what does GDP (income) leave out? Should a country meet additional quantifiable goals before being considered "developed"? Which countries today meet those goals, and why?

Reference no: EM1355767

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