my question is about gdp and economic growth
My requirements are that in total these two following question must be answered in at least 150 words. Thank you!
Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms).
1. What are the shortcomings of using GDP as a measure of economic welfare?
2. What would you like to add to (or subtract from) GDP to make it a better reflection of how well people are doing in a nation?
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