Question
In: Economics
Are the traditional measures of economic success a good way to measure economic success?Why? Why not?...
Are the traditional measures of economic success a good way to measure economic success?Why? Why not?
What important measures of societal wellbeing are not accounted for in traditional measures of economic success?
Identify what you believe the new global sustainable economic goals should include
Solutions
Expert Solution
Q. Are the traditional measures of economic success a good way to measure economic success?Why? Why not?
No. Traditionally, real GDP (Gross domestic product) growth rate is considered as measure to economic success. Countries worldwide are compared on GDP growth rates and investment decisions are taken.
It has following drawbacks: 1. It does not consider income inequality.
2. It dies not explain gender bias and economic participation of women.
3. It does not mention whether country is having a balanced growth as it is just a quantitative.
Q.What important measures of societal wellbeing are not accounted for in traditional measures of economic success?
As mentioned above: Gender bias, income equality, improvement in standard of living, economic sector movements are not accounted.
Q. Identify what you believe the new global sustainable economic goals should include?
New sustainable economic goals should include:
a. Improvement in quality of life.
b. Increase in economic choice.
c. Income equality.
d. Economic rationality.
Rahul Sunny answered 1 year agoRelated Solutions
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