Limitations of GDP as a Measure of National Well-Being (Research Paper Sample)
GDP Measurement. Discuss the argument that GDP understates national well-being because there is not an allowance for people working fewer hours than they once worked.
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Limitations of GDP as a Measure of National Well-Being
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Limitations of GDP as a Measure of National Well-Being
Gross domestic product (GDP) is a metric that is used to represent a nation's economic growth and welfare. It measures the overall economic prosperity by aggregating the total value of goods and services produced in a country of a given period, mostly one year (Callen, 2020). However, it has limitations because it fails to account for several aspects that keep fluctuating with an economy, such as change and inequalities of income and other factors that are not measurable in monetary units, such as leisure, education, and
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