Improve the gdp as a tool for measuring the well-being

Reference no: EM13240041

Although GDP per capita is the most commonly used measure of a country's success, many economists believe it does not give an accurate measure of a nation's economic well-being. Some studies have concluded that GDP is not the best measure of well-being, and although it may be the best available on a timely basis, other factors need to be considered in addition to GDP to give a more accurate picture of economic well-being and the disparity of well-being between nations.
Clearly identify at least three such factors that in your view should be included in the GDP calculations. Explain and illustrate how they will help to improve the GDP as a tool for measuring the well-being of a nation.

Reference no: EM13240041

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