Official statisticians broadly accept gdp
Course:- Public Economics
Reference No.:- EM13961206

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Public Economics

Finding ways to improve humanity's living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic product (GDP) when they want an estimate of how well off people are. By how much are Americans better off than Indians, or than their parents' generation? Chances are the answer will start with GDP.

GDP is really a measure of an economy's output, valued at market prices (to the extent that you have them). As societies produce more, and therefore earn more, their material well-being rises. So it is no surprise that so many economists and official statisticians broadly accept GDP as a measure of living standards.

Do you think GDP is the best measure of living standard? Why? Why not?

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Public Economics) Materials
The triple constraint in Project Management is known to be time, cost and scope. The ability to manage these three items very often leads to project success. Identify two
Calculate the return on equity (ROE) for each bank, if the rate of return on loans is 5%, and 10% on ABS, and the interest rate on deposits is 2%, and the interest rate on s
Identify the type of public organization for which you work, as well as what types of services, goods, or activities the organization provides to the public. Identify the si
The Role of Government in Health Care Markets - Health Policy and Economics - Do you think this current state of regulation is appropriate? Why or why not? What problems have
Write a short summary of the topic of the article. You might address the following questions: What is the topic? Where is the controversy taking place? Who is involved in th
Economics 236: Health Economics and Policy - Group Assignment 5. Describe the basic structure by which Medicare reimburses care. Discuss the Catastrophic Protection Act of 198
What are the key characteristics of a monopolistically competitive market? Some experts have argued that too many brands of breakfast cereal are on the market. Give an argum
Discuss the rationale for the various components of the Dodd-Frank financial regulation legislation, as well as the Basel III accords. Your paper should examine one or sever