Reference no: EM131723283

Please response to the following discussion and support it with 2 scholars.

The limitation of GDP as a measure of a country's quality of life or well-being of the society has been a subject of considerable debate over the past two decades. The

Observation that the quality of lives does not show improvements for a large mass of population despite high GDP growth has led to the belief that GDP measure needs to be broadened to include the quality of life and human well-being (Iariw.org, 2017). In the last a half century, GDP has been a measurement of wealth as a nation. The measure of GDP has remained as the most widely accepted measure of a country's economic progress.

In particular, it is argued that while the GDP remains as a useful measure of the output production, it has not been able to accommodate the roles of human capital or the environment and natural resources into the production base. In addition, it is pointed out that the original GDP estimation did not include domestic work, and the observation that that growth in per capita national income does not reveal anything about the distribution of income and inequality aspects is also highlighted (Iariw.org, 2017). In my opinion, HDI is a good development indicator. Since its inception, the HDI has been able to catch the attention of academic as well as policy-making circles, and has actually been able to shift the focus of development economics from economic growth to people centered policies

(Haq 1995). With all that said, do you think any hard policies can be derived from this in Canada?

Reference:

Haq, Mahbub ul (1995): Reflections on Human Development, Oxford University Press,

New York.

Iariw.org. (2017). Cite a Website - Cite This For Me. [online] Available at: https://iariw.org/papers/2015/deb.pdf [Accessed 9 Nov. 2017].