Answer to Question #245887 in Macroeconomics for Amna

Question

We know the GDP doesn’t measure real life factors like - crime rates, poverty, income distribution, the increase or decrease of leisure time, improvements in the quality of goods and/or the size of the underground economy. Other than GDP, what other three key statistics or facts would you use to better identify and measure a nation’s ‘standard of living?’

 

Answer 1

1. Good jobs.

2. Wellbeing.

3. Environment.