Question

We use GDP as a measure of the standard of living in society. Yet, there are many activities that occur in society that lower our standard of living an do NOT raise it. Discuss 3 items in our economy that lower our quality of life even though they may increase GDP.

Answer 1

Overwork/Overtime Work: Although working for long hours could lead to increased personal income and also the increased GDP but it lead to loss of leisure, loss of Quality time with the family, less rest, more exertion, tiredness and may be sickness in the long term. Hence it does not raise our standard of living but lower our quality of life.

Pollution: With the increased industrialisation, extensive use of Automobiles, GDP is increasing but it also leads to various types of Pollution, Global Warming, Depletion of Ozone Layer, etc. that in turn is not improving the quality of life instead lowering it.

Drugs and Lawsuits: Use of Drugs, Medicines, Services of hospitals and the Lawyers, etc. is although adding to the income of the manufacturers and the professionals in these fields but these are ultimately reducing the quality of life of the individuals trapped into the situations where they are bounded to avail these services even at a high cost although they won't get any betterment into their lives due to this.