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Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms). What are the shortcomings of using GDP as a measure of economic welfare? What would you like to add to (or subtract from) GDP to make it a better reflection of how well people are doing in a nation?
Comment on the answers for the two questions (100 word)
What I would add to GDP to make it better:
For the shadow economy, a decent estimate of its size should be made and at least that estimate should be added as a clear optional addition to GDP because a productive activity isn't in the formal economy doesn't mean it isn't the market value of the final goods and services produced in a region over a period of time.
What's one thing I would change:
GDP should use known international prices or domestic prices for goods that have government-set prices. This would improve the accuracy of value estimates.
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