Why we urgently need a real alternative to gdp

Reference no: EM133442350

Question: Why We Urgently Need a Real Alternative to GDP as an Economic Measure GDP only counts formal market transactions. The World Economic Forum has developed the Inclusive Development Index, which includes per capita GDP, unemployment and productivity, median income, inequality, poverty, healthy life expectancy, net savings rates, public debt, and carbon intensity. a. Why could the Inclusive Development Index be a better measure of the standard of living than real GDP per person? b. What are the challenges involved in trying to incorporate measurements of the factors included in the Inclusive Development Index? c. Compare the UN Human Development Index and the Inclusive Development Index. d. Is there likely to be a high correlation between GDP per person and the Inclusive Development Index? Why or why not?

Reference no: EM133442350

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