Respond to the following in a minimum of 175 words: Discuss the limitations of GDP as...

Respond to the following in a minimum of 175 words:

Discuss the limitations of GDP as a measurement tool.

Expert Solution

Firstly let us have a brief idea that what is GDP.

GDP is the production of final goods and services within the boundary of a country in a financial year

It is measured on the quarterly basis .

Also many country considers it as a main tool for economic prosperity and wellbeing .

But GDP by many economist told that it is not a perfect tool for economic growth because it lacks so many important factors like the standard of living ,happiness index, Gini coefficient ,carbon footprint .

For example Gini coefficient is the the inequality of the income distribution in any economy.

suppose for example country like India which is having a great GDP but income distribution is very unequal there .

Top 1% percent of the people having 60% of total wealth so GDP is showing good data but inside it ,there are so many problems .

There are some more examples regarding happiness index as well.

Hence Gdp it is not a complete measurement tool

Rahul Sunny answered 4 hours ago

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