Is GDP a Good Measure

of Economic Wellbeing?

Is GDP
Generally, GDP is assumed as the
best single measure of the
economic well-being.
But, this statement is relatively
correct, not absolutely correct.

Is GDP
American Senator Kennedy (1968) said: GDP
does not allow for the health of our children,
the quality of their education, or the joy of
their play. It does not include the beauty of
our poetry or the strength of our marriages,
the intelligence of our public officials. It
measures neither our courage, nor our
wisdom, nor our devotion to our country. It
measures everything, in short, except that
which makes life worthwhile, and it can tell
us everything about America except why we
are proud that we are Americans.

Is GDP

Do you agree with president Kennedy?

Partly he is correct.
A large GDP helps us to raise standard of living.
GDP does not measure health, but a country
with higher GDP can provide better health
facility; GDP does not measure education but
nations with larger GDP can provide better
education system; GDP does not measure the
level of poetry but countries with higher GDP
can make their people to read and enjoy poems;

Is GDP
GDP could not measure some of the
aspects of economic well-being such as:
leisure of people
volunteer work to society
childcare by mother
non-monetary transactions,..
Conclusion: Though GDP is one vital
indicator of standard of living, it could
not measure all aspects of economic wellbeing. However, it measures most of all.