ECON 28 5.5 GDP And Economic Well-Being

Some of the issues with GDP are that it does not serve as an accurate measure of ().

Well-Being

An example of why GDP isn’t a good measure of well-being is that it does not include (), such as cooking for your family.

Household Production

An example of why GDP isn’t a good measure of well-being is that it ignores the (), and only focuses on legal economic activity.

Underground Economy

An example of why GDP isn’t a good measure of well-being is it ignores people’s () and ().

Health, Life Expectancy

An example of why GDP isn’t a good measure of well-being is that it doesn’t take the value of () into account, expecting people to be 100% efficient at all times.

Leisure Time

A reason why GDP isn’t considered as a good measure of well-being is that it doesn’t count for damage to the (), which can heavily affect the production of goods and services.

Environment

An example of why GDP isn’t the best measure of well-being is that GDP does not indicate the extent of () and () enjoyed by a nation’s citizens.

Political Freedom, Social Justice

The United Nations’ Human Development Index (HDI) is based on (), () at birth, and indicators of the quality and quantity of ().

Real GDP Per Person, Life Expectancy, Education