Question #230488
Discuss the strength and weakness of using GDP data to measure the social well being of a nation
1
Expert's answer
2021-08-31T08:43:44-0400

GDP accurately indicates the economy size and the rate of growth of GDP is the best single indicator of economic growth while per capita GDP has a close correlation with the living standards trend over time.


Weaknesses of GDP

  1. Excludes non-market transactions
  2. Fails to account for the degree of income inequality in society.
  3. Fails to indicate whether the nation's growth rate is sustainable or not.

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