What are the shortcomings of using GDP as a measure of economic welfare? 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?
Added by Christopher D.
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- GDP does not account for income inequality. It measures the total economic output but does not show how wealth is distributed among the population. - GDP ignores non-market transactions. Activities such as household labor and volunteer work are not included in Show more…
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