Measuring economic - What GDP does not Measure - Poverty, Economic Inequity, and Welfare Measure

10 important questions on Measuring economic - What GDP does not Measure - Poverty, Economic Inequity, and Welfare Measure

What does GDP measure?

Total economic output, not distribution among people or factors affecting well-being.

What does GDP per capita indicate?

A rough idea of the average standard of living in a country.

What health outcomes are associated with higher GDP per capita?

Often leads to better health outcomes, such as longer life expectancy.
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What does higher GDP per capita provide in terms of education?

Greater access to education, resulting in higher literacy and school enrolment.

How does GDP reflect consumption of goods and services?

Higher GDP per capita leads to consuming more goods and services, enhancing comfort.

What aspect of wealth distribution does GDP not address?

Income equity; a high GDP can exist alongside widespread poverty.

What does GDP omit regarding social well-being?

Important aspects like fairness, access to healthcare, and equal opportunities.

Which undervalued outcomes does GDP fail to show?

Important services like caregiving and volunteer work are not counted in GDP.

Why is GDP not the sole measure of living conditions?

Different living conditions can exist even with the same GDP per capita due to income distribution.

What should policymakers and citizens consider beyond GDP?

True well-being and quality of life require looking beyond GDP metrics.

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