Question

why the GDP is not a very good measure of well-being and quality of life. Be sure that your explanations are thorough, support your position, and reflect your knowledge on the topic.

Answer 1

GDP is not a very good measure of well being and quality of life. There are few points which are discussed here that provide GDP is not a very good measure of quality of life. as we know that gdp is the value of goods and services produced in the economy it means that it includes all the sectoral production and development that represent the overall growth level of an economy ,

• rising in gdp does not guarantee that all the people of a nation are receiving good services of education, housing and food.
• rising in gdp also does not inform that all people of nation are employed in some economic activity.
• rising in gdp does not show that every section of society whether they are rish and poor are getting same treatment in terms of servcies and wealth
• gdp also does not guarantee that equal distribution of income and wealth are taking place in proper manner. .
• gdp and welfare can not be increased hand to hand becasue rising in gdp does not conside that all the people in society are getting good amount of income and living a quality life.
• rising gdp may not indicate that proper social infrastructue and economical infrastructure is available to peopel living in society. they might be lacking on account of medial and health care facility, school and college, electrification, wather supply. etc.

thus we can conclude that gdp does not take into account welfare that would represent the well being of people.