Qalthough economists routinely use gross domestic product

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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: EM13355223

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